Managing and Promoting Coventry's City Centre ~ Business Improvement District
New legislation came into effect in September 2004 enabling BID's to be set up in England and Wales.
BID's allow businesses in a defined area and business sector(s) to vote on which additional services they want to invest in, to improve their trading environment.
BID's give local businesses the power to effect changes that will benefit them in their local community. Improvements may include extra safety/security, cleansing and environmental measures, improved promotion of the area, improved events and greater advocacy on key issues, but the legislation does not put a limit on what products or services are provided.
Businesses have the opportunity to agree on the projects for which they are contributing and to vote in a ballot on the amount of money they are prepared to raise, enabling them to become involved in the administration of the schemes themselves.
BID's are operated by not-for-profit partnership organisations, such as CV One Ltd;
a leader in this field having been set up in 1998 as a BID-in-waiting and one of just 22 national BID Pilots in a project being run by the Association of Town Centre Management (ATCM).