The Culture Mile Business Partnership

What is a Business Improvement District (BID)?

A BID is a legally and geographically defined business-led partnership for area improvement and service delivery, funded by the levy-paying businesses within an agreed boundary.

Following a ballot of all the rate paying businesses above a proposed threshold in the area, in which at least half of these vote to create a BID, a BID is formed. All businesses that are eligible to vote then contribute a levy (based on a small percentage of their business rate contributions) to support the operational and delivery costs of the BID and its initiatives. BID levy money is ring-fenced for use only in the BID area, and businesses decide and direct what they want for the area. Depending on the size of a BID area, the threshold and the agreed level of business rate contributions, annual BID income can range from less than £50,000 to over £2 million per annum.

There are already several BIDs and pre-BID partnerships (areas that have begun the process of becoming a BID) in the City of London, namely the Fleet Street Quarter, Cheapside Business Alliance, EC Partnership, and Aldgate Connect.

Further information on the national Business Improvement District framework is available here.

Map of BDs and pre-BID partnership that already exist within the City of London