What is a Bid?
What is a Business Improvement District (BID)?
A BID is a partnership between a local authority and the local business community to develop projects and services that will benefit the trading environment within the boundary of a defined commercial area.
BIDs give local businesses the power to make changes that will benefit them in their local community. Improvements may include extra safety and security, cleansing and environmental measures, improved marketing and promotion of the area, better events, and greater say for businesses on key issues.
Who decided to create the BID in Lincoln?
The decision to create a BID in Lincoln was taken by business ratepayers in a ballot held on 18th April 2005. 44% of businesses voted in this ballot and 79% were in favour of its creation.
How long does a BID last?
A BID can last a maximum of five years, after which businesses must vote again if they wish it to continue. Lincoln BIG will operate until July 2010 unless it is agreed to extend its operation further through a ballot in October 2009.
What is the BID levy?
The levy is for your share of the costs of operation of the BID in Lincoln. The money is collected by the City of Lincoln Council and passed to Lincoln BIG to deliver a range of initiatives to improve the city centre. It will be collected every July of the five-year period, with an inflationary increase.
How is the bill amount calculated?
The amount is based on 1% of rateable value of properties in the city centre on the day on which notice of the ballot was given. Any reductions or exemptions were detailed in the ballot information and have been applied as appropriate.
For more information about BIDs and other BID locations visit http://www.ukbids.org
