A Business Improvement District is a defined area where business rate payers agree to pay a levy into a fund for a fixed period of time. Specific agreed initiatives are then delivered to meet the businesses’ priorities.
Yes, there are over 320 BIDs in the UK so almost every major town and city has a BID. Legislation for BIDs was introduced in the UK in 2004. For more info see here.
Are there any other BIDs in Bristol?
Yes, Broadmead BID was established in 2005 and was one of the first in the country. Businesses have voted for a renewal of the Broadmead BID four times, receiving a stronger mandate each time.
Bristol City Centre BID was established in 2017. Both of these BIDs are managed by Visit West alongside Redcliffe & Temple BID.
There are also BIDs in Bedminster and Clifton Village.
What area does the BID cover?
Please see here for a map showing the BID boundary.
Are all businesses within the BID boundary included in the BID?
No, businesses with a rateable value of below £25k are not included. Also, any business receiving charitable, mandatory relief are not included in the BID.
What is the vision for the BID area?
Our vision is to develop Redcliffe & Temple into a vibrant, thriving, sustainable, safe and welcoming place to enjoy. With the support of levy-paying businesses, we will create and deliver projects for the benefit of the whole community adding value to this historic yet evolving area, attracting investment and influencing positive change.
What type of projects do Redcliffe & Temple BID deliver?
Overall, projects will focus on making the area a better place for businesses, employees, visitors and residents.
Businesses have told us that employee retention and wellbeing, and being a sustainable, responsible business are very important to them.
Should some of the BID’s projects be delivered by Bristol City Council from the business rates we pay?
BIDs cannot pay for any services which the local authority is obliged to deliver. Bristol City Council provides a Baseline Agreement to the BID, detailing the services which it must deliver.
BID funds can only be used to deliver projects over and above those delivered by the council.
How is it decided whether a BID should be implemented?
A ballot was held on the 15 April 2021 with two criteria needing to be fulfilled for the BID to be implemented:
1. Over 50% of the votes cast must be in favour
2. The combined rateable value of those who vote in favour must represent over 50% of the total rateable value represented by those who vote.
Businesses voted to become part of the BID with 89% in favour by number of votes cast, and 93.5% by rateable value. The turnout was 47.6%.
Eligible businesses are mandated by law to pay the levy, irrespective of how they voted at ballot.
How long will the BID last?
The BID will run for a term of 4 years and 5 months, concluding on 31 October 2025. Towards the end of that period, businesses will be asked to vote again to decide if the BID should continue.
How much will my business pay?
Each business with a rateable value of £25k or over will pay an annual levy of 1.5% of their rateable value.
Businesses within a managed space, such as Temple Quay Estate and Finzels Reach who pay a service charge (for services such as cleansing and security) will pay 0.75% of their rateable value. This takes into account the fact that they are already paying for services which the BID will not need to deliver in their areas.
How much money will be raised?
We estimate that over £4 million will be raised across the BID term.
The BID levy is based on the rateable value of the businesses. Several large office developments are currently under construction and will not be given a rateable value until after completion. Therefore the exact BID levy cannot be calculated at present. However, all new businesses with a rateable value of £25k or over will be required to contribute to the BID.
How is the BID levy be collected?
The levy will be collected by Bristol City Council and ring-fenced for the BID to spend on behalf of our levy payers. The BID Levy is paid annually in advance.
How is BID be managed?
The BID is managed by the BID team, overseen by the Management Board who report into the Visit West Board.
In addition, Working Groups will be set up to have input into each of the main projects to be delivered. We will be looking for as many businesses as possible to be involved in these groups to ensure that the BID delivers exactly what the businesses require.
How does the BID ensure that each area within the proposed boundary sees improvements?
BIDs work best when businesses engage and are involved in identifying projects to be delivered by the BID team. The Working Groups will help us plan projects across the whole BID area ensuring that everyone benefits from the improvements.
Who is Visit West?
Visit West’s overall aim is to increase the visitor economy in Bristol. They recognise that a thriving, well-managed city centre area is vital for all, particularly the businesses which operate within it. For further details, see here.