Business Improvement Districts (BIDs) are business led partnerships created through a ballot process to deliver additional services to local businesses.
A BID is an area in which a levy is charged on all business rate payers in addition to the business rates bill. This levy is used to develop projects which will benefit businesses in the local area.
Who can set up a BID?
A BID can be set up by the local authority, a business rate payer or a person or company whose purpose is to develop the BID area, or that has an interest in the land in the area.
The BID proposer is required to submit a proposal along with a business plan to the local authority.
Businesses that are subject to the levy vote in a ballot. This determines whether the scheme goes ahead. Businesses will be asked if they are in favour or against creating a BID in a particular geographical area.
Each business entitled to vote in a BID ballot is allowed one vote in respect of each property occupied or (if unoccupied) owned by them in the geographical area of the BID. For a BID ballot to be successful there must be a majority of those voting in favour of the proposal, and those voting in favour must represent a majority of the aggregate rateable value of the hereditaments voting.
Once the BID is in operation the levy is charged on all businesses within the BID area (regardless of whether or how that business voted in the ballot).
Who manages the BID process?
Local authorities manage the ballot process. However, if we think that the Business Improvement District arrangements are likely to conflict to a significant extent with an existing policy, place a financial burden on rate payers or the burden from the levy is unjust, we can decide to veto the proposals.
Declaration of result
Rhyl BID have put forward a proposal to introduce a Business Improvement District in Rhyl.
For more information, visit rhylbid.co.uk