Business Improvement Districts, known as BIDs, are business-led and business funded partnerships. A geographical boundary is defined where businesses in this area come together to invest, collaborate, and improve their trading and working environment.
Projects created provide added value and go beyond the statutory provision of the public services. They address local issues through partnership working and collaboration, achieved through a ballot process.
BIDs are legally established, having been voted for via a ballot by the majority of businesses within the defined geographical boundary. BIDs operate on a five-year term basis and thus, after this cycle, a new vote is required.
A BID is funded through the BID levy, which is a small percentage of a business’s rateable value. The BID levy is mandatory for all eligible businesses and uses the money raised to deliver the projects outlined in the business plan. Each eligible business is given a chance to vote on the business plan, and should the BID be established, then each business will be charged the levy.
In February 2024 Reading’s Abbey Quarter BID was given a positive mandate by a ballot of businesses over £10K rateable value in the designated geographical BID area. Of those who voted, 95% of the total number and 97% of the total rateable value said yes. Similarly, Reading Central BID received 88% (by number) and 93% (by rateable value). Reading will therefore continue to have two BIDs 2024-29.
John Lewis Broad Street Reading
