How does a BID work?
The local business community identify projects or services that will have a positive impact on the trading environment. It defines the geographic location of the BID and develops a business plan to deliver the project/services. This business plan becomes legally binding once a ballot has been won and becomes the framework within which the BID will operate. The plan identifies how much money will be raised, how it will be spent, how the project will be managed, the delivery and monitoring procedures. BIDs enter into baseline agreements with the local authority and other service providers which guarantee the level of service provision in the area. These ensure that any services the BID provides are truly additional.
The local business community identifies a requirement for a capital project or services that will have a positive impact on the trading environment. It defines the geographic location of the BID and develops a business plan to deliver the project/services. The plan identifies how much money will be raised, how it will be spent, how the project will be managed, the delivery and monitoring procedures. The Local Authority is responsible for organising the vote on the proposed plan.
