What is BID?
It is a Business Improvement District. It’s where you want your business to be. It’s
where your money helps to continue to enhance your business environment so you
can reap the rewards of increased trade and maintain an edge in a highly
competitive market.
Here are the key points you should know about:
- BID is already working in Birmingham, Coventry, Liverpool Plymouth, Lincoln and London.
- Chester City Centre could be one of the Northwest’s first BID areas.
- The BID company is made up of Business Rate payers, giving local businesses a direct role in how they choose to improve Chester City Centre.
- Businesses vote to invest in the improvements that they want to see.
What are my Business Rates spent on?
As a retailer that has been supporting town and city centre partnerships through the last decade, we broadly support BIDs and look forward to working with companies in developing successful formal BIDs for the UK.
Andy Godfrey, Public Policy Manager, Boots
100% of your Business Rates collected by Chester City Council is given to the Government’s national pool, then shared out. Chester City Council's share is used to pay for the services provided by Chester City Council and other authorities in this area.
• Current levels of service will be maintained and monitored through the BID Process.
• BID funds would only be spent on additional services or activities chosen by the BID Company.
• Although millions of pounds are already spent every year promoting the city and keeping it clean and safe, there are simply not enough existing resources to achieve the quality improvements and potential rewards that would be available under the BID scheme.
How would I contribute?
- Through a levy on every business in the BID area for up to a maximum of 5 years.
- The levy is usually set as a percentage of the Rateable Value for Chester it is proposed that it will be 1% of the
- Rateable Value on every property listed for business rates in the BID area.
- Payment of the BID levy is tax-deductible.
- Under current proposals, the majority of businesses within the designated BID area would make a tax deductible investment of less than £500, with many paying less than £100.
- By voting “Yes” to implementing Chester’s BID proposals.