A Business Improvement District (BID) is a business-led initiative that gives local organisations the power to raise funds that are spent on achieving the businesses’ priorities over a fixed period. A BID begins following a majority yes vote on an independent ballot.
THE BID AREA
The Redcliffe & Temple BID area is shown on this map and covers the following main streets: Redcliffe Way, Temple Way, Temple Back, Victoria Street, Redcliff Street, St Thomas Street, Avon Street, Counterslip, Passage Street and Narrow Plain.
How the BID is funded
Redcliffe & Temple BID is funded by a ‘levy’ on eligible businesses, equivalent to 1.5% of the rateable value of their property which is capped at £20k. The levy is used solely to deliver projects agreed in advance by the businesses.
All eligible businesses are required by law to pay the levy, irrespective of how they voted during the ballot. Businesses that receive charitable mandatory relief from business rates or who have a rateable value below £25k are exempt.
GOVERNANCE AND MANAGEMENT
The BID is overseen by a voluntary Management Board of local representatives.
The Board meet every quarter to oversee the strategic direction and financial management of the BID. This ensures that the BID operates professionally and effectively at all times and in the best interests of all levy payers.
OUR BUSINESS PLAN
Our Business Plan was developed following detailed consultation with businesses over two years including meetings, surveys and workshops. Every business in the area was invited to put forward their thoughts and ideas and we are grateful for all suggestions.
How the BID was DEVELOPED
The development of the Redcliffe and Temple BID was funded and proposed by Visit West.
Visit West promotes the interests and development of the visitor economy, and works in close collaboration with stakeholders to develop and enhance Bristol city centre. Visit West has a first-class track record of delivering projects on behalf of third-party agencies and supporting the emergence of other partnerships by applying its extensive understanding of successful collaborative working, and its experience in delivering client-focussed projects.
The BID term will run from 1 June 2021 until the renewal ballot in 2025.