Q&A: What is the Business Improvement District which will raise £3m for Norwich?
PUBLISHED: 12:47 31 July 2012 | UPDATED: 12:51 31 July 2012
Archant Norfolk Copyright
A BID is a defined area where local firms get together to plan how to improve their trading environment, identifying projects and services that will develop their area and trade.
Companies will pay a 1pc levy based on the rateable value of their business, generating money to be used on whatever the firms decide.
Are any currently operating?
There are more than 180 BIDS across the country which, over the next five years, will bring in almost £250m to improve towns and cities.
Who will make the decisions on how the money will be spent?
The businesses involved. Requests and issues have been pulled together into a BID Business plan.
How will the BID be managed?
Following the successful ballot, a BID board will be set up, made up of representatives from the companies within the BID area. They will be responsible for implementing the BID Business Plan and will be accountable to the levy payers.
How would a BID support small businesses?
The aim is to create a voice for the whole business community, irrespective of size or sector. Those with a rateable value below £15,000 will be exempt from contributing the 1pc levy.