What exactly is a BID?
A Business Improvement District (BID) is a business-led initiative focused on a defined geographical area, usually in a town or city centre but sometimes in a business park or industrial complex. Businesses within this area are invited to come together to make decisions on how to improve the trading environment around them. A range of projects are agreed, voted upon by all the eligible businesses and then paid for by a small levy (usually between 1-3% of rateable value) on ALL the business ratepayers in the area.

A BID provides businesses with the opportunity to become directly involved in the development and improvement of their local area, working in partnership with the council and other statutory authorities to bring benefits to both their own enterprises as well as the wider community.

The above-mentioned “vote” for Royston was achieved in 2009 by way of a ballot conducted to strict guidelines by the electoral authorities. For this ballot to succeed, over 50% of those that voted had to vote in favour; and the total rateable value of those that voted in support had to exceed the rateable value of those that voted against. The “yes” vote having been achieved, the BID is funded by a mandatory levy, which is an amount based on the rateable value of all the eligible businesses.

Royston First commenced operations on the 6th April 2009 and will last for five years from that date. It will then be dissolved if all its aims have been met, or it will seek a further mandate to continue into a second term.

Find out more about BIDs from the National BIDs Advisory Service

Royston First 01763 878242