Q&A: What is the Business Improvement District which will raise �3m for Norwich?
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?
- 1 ‘Porn addict’ Norfolk doctor who secretly filmed women struck off
- 2 Rare insect spotted in Norfolk for first time in nearly 100 years
- 3 5 famous faces who were born in King's Lynn
- 4 Norwich street named one of the most beautiful in the world
- 5 Norfolk fish and chip shop named one of the 10 best in the UK
- 6 Mystery of container ships at anchor off Suffolk coast solved
- 7 Woman’s death prompts ‘significant dangers’ warning over A11 cycle races
- 8 Seven people arrested after 50 vehicles stopped by police at Thickthorn
- 9 Norfolk start-up taking on retail giant Amazon
- 10 Vandals smash charity dinosaur trail T.rex and leave kebab in its mouth
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.