Business Improvement District
A Business Improvement District can be used to finance and to manage the Fettling process for any area.
A
Business Improvement District is defined as an area in which a levy is charged on all business rate payers
in addition to the business rates bill. This levy is used to develop projects which will benefit businesses in the local area.
There are over 200 BIDs in the UK and established best practice for their management (
Source - DCLG).
Setting up a Business Improvment District involves the preparation of a business plan and a vote.
Usually a team of people from local businesses and the local authorities will work together to develop a proposal and submit this to the
local authority,
along with a business plan
(example plan - click here
). This plan will define the scope of the Business Improvement District including its area,
proposed scope of work, proposed levy and proposed staffing structure. Preparation of this plan requires significant consultation with a
range of stakeholders and the management of their aspirations and concerns.
Businesses that would be subject to the levy vote to decide if the scheme goes ahead. If it does then the levy is chargable to all businesses including those
who voted against it.
The effort required to manage a BID proposal up to the vote should not be underestimated and experienced consultants are generally an essential part of the team.
Town Fettling can put you in contact with an experienced Business Improvement District Consultant.
For more details contact ceo@townfettling.co.uk
