A Business Improvement District, or BID, is a business-led not-for-profit organisation, funded through a levy collected from businesses within a defined area. The BID delivers additional services to businesses and makes improvements to the city centre, benefitting those who pay into it as well as residents and visitors. BIDs are created through a ballot process and there are currently more than 300 BIDs operating across the UK, including in nearby Winchester, Bournemouth, Salisbury and Chichester.
More information about BIDs can be found at:
KEY BENEFITS OF A BID:
- An opportunity for businesses to make decisions about city centre improvements
- A stronger voice for businesses in discussions about the future of the city
- A robust vehicle for implementing projects
- 5-year funding stream and staff resourcing for projects that businesses want to run
- Strong governance helps to attract external funding in addition to the funding raised through the BID levy