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The St Ives Business Improvement District (BID) is a not-for-profit company responsible for delivering a number of innovative projects that aim to improve the trading environment of St Ives.
A business improvement district (BID) is a defined area within which businesses are required to pay an additional tax (or levy) in order to fund projects within the district’s boundaries. The BID is often funded primarily through the levy but can also draw on other public and private funding streams.
The BID is formed to improve a defined commercial area. The benefits of BIDs cited by the businesses they represent are wide-ranging and include:
- Businesses decide and direct what they want for the area
- Businesses are represented and have a voice in issues effecting the area
- BID levy money is ring-fenced for use only in the BID area – unlike business rates which are paid in to, and redistributed, by government
- Increased footfall
- Improved staff retention
- Business cost reduction
- Area promotion
- Facilitated networking opportunities with neighbouring businesses
- Assistance in dealing with the Council, Police and other public bodies
Renewing a BID
- BIDs operate for a maximum of five years within the legislative framework. If they wish to continue they must go through a renewal ballot process to secure another BID term of up to five years.