What is a Business Improvement District or BID?
BIDS are designed to improve the economic performance of an area. There are currently over 250 BIDs in the UK & ROI. Depending on location, BIDs gather annually between £100,000 and £2m per year. Businesses and employers use the monies they gather though a small levy to pay for such items as street furniture, improved streets and public spaces, Christmas lighting, additional security, CCTV, local discount schemes, festivals, bulk buying, deeper street cleaning and recycling.
Why are The Means undertaking a feasibility study?
There are many benefits for businesses becoming part of a BID. It enables businesses to buy in services above and beyond that which they can achieve through standard business rates. In this way they can promote themselves and the local area more effectively, attract more customers and increase both pedestrian flow and income. The Chelmsford City Centre Retailers Group (CCRG) wants to explore if businesses are keen on this model. A Steering Group has been set up to receive the results of this survey and to explore what might happen next.