Business Improvement Districts (BIDs) have proven to be an effective way in which businesses can take control and improve their trading environment.
In 2016 you voted for the projects that you wanted to introduce or improve upon and we will keep you updated on how we’re rolling out those plans via the website, e-newsletters, social media, events and newsletters
What are BIDs?
BIDs are an arrangement whereby businesses come together and decide which improvements they feel could be made in their city centre, and also how they will implement these improvements and what it will cost them. BIDs are financed and controlled by the businesses within the selected area. BIDs can run for a maximum of five years and during this time they must be able to show that they are benefitting the businesses that fund it.
Why do we need a BID?
Cardiff is a thriving city centre of regional and national importance, yet it needs to raise its game and invest to remain competitive in the face of growing competition. It will need to do this against the background of tighter public sector finances and other cities who already have BIDs in place injecting several hundred thousand pounds a year into their locations.
By obtaining BID status for Cardiff City Centre enables the private sector (retail, leisure, tourism, office and commercial) to decide the projects and services that should be delivered in their area to ensure that Cardiff has a stronger profile, attracting visitors, increasing footfall, more spending, directly supporting businesses and encouraging investment.
What can BIDs deliver?
It’s up to you as a business to help shape what the BID in Cardiff might deliver. BIDs can deliver any projects or services that are agreed by the businesses in the BID area. These projects must go over and above anything that is already provided through business rates and by the local authority.
How will the process work?
The aims of a BID are decided by the businesses in the area. Initially these are identified through a business survey and meetings. After this, your priorities for the Cardiff BID will be drafted and you will be invited to attend one of a series of informal business meetings where you will be updated on the progress of the BID and you will be able to ask questions and give feedback – this is part of the detailed consultation phase. After this, the Task Group (made up of businesses broadly reflecting the make up of the area) will assist in producing a draft business plan which will then be sent directly to you before being finalised. Lastly, there will be a confidential vote on whether you wish to say yes to a BID in Cardiff.
Why do businesses support BIDs?
BIDs have the ability to increase footfall to an area, reduce business costs and improve services. As they can run for up to five years they also give businesses the opportunity to plan ahead. BIDs put the control into the hands of the businesses themselves. BIDs do not substitute services provided through business rates, they must provide additional services.