Langthwaite BID
What is a (BID)?
Business Improvement Districts (BIDs) are the fastest growing partnership framework seen in decades in the UK. A BID is a geographically defined area where firms pay into a ring-fenced pot that funds additional services that the businesses have decided upon and approved in a legal ballot and which will benefit themselves as well as the wider local community. The BID is a legal instrument within the Business Improvement Districts (England) Regulations 2004.
Each business pays according to its size (by rateable value: R.V.) to fund the additional services approved by the businesses. The process is managed by the businesses themselves and lasts for up to five years. The first BID was established in 2011 and was renewed for a further 5 years in 2016. The current Langthwaite BID, which started in 2016, needs to be renewed by a new ballot in 2021.
What services does the BID provide to Businesses?
Working with key partners, the BID delivers four key strategic objectives and their related activities identified as important by the businesses within the BID Area, these are: