What is a BID?
A BID is an organisation established and run by local businesses to improve the commercial conditions of the defined area. It is funded through a levy on business rates, introduced via a ballot for which a majority of eligible businesses (by number and rateable value) must vote in favour. If the ballot is successful the BID term is usually 5 years during which time an agreed set of services are delivered towards the collective objectives of the BID members.
Why do we need a BID for the South Bank?
The South Bank is under intense pressure from rising footfall, development, a rail station at capacity and a growing visitor economy. This is at the same time as we are suffering from a decline in public investment which is taking its toll on our public realm. To stay ahead of the competition, we needed to promote the South Bank as a destination for business and tourism at the same time as managing the growth.
How much does the BID cost for businesses?
Businesses with a rateable value of over £50,000 pay an annual levy of 1% – so those with a rateable value of £75,000 pay just £14 a week towards the BID. Charities qualify for an 80% reduction and businesses operating within Waterloo Station receive a 50% reduction. For very large businesses there is a cap of £20,000 levy on any individual hereditament or £30,000 on any individual business.
What do businesses get in return?
Amongst other services, the BID promotes the area and its individual businesses to a wide audience, provides street cleaning and graffiti removal, a uniformed patrol service to deal with illegal trading, petty crime and antisocial behaviour, lobbying services that provide a voice for the South Bank business community and initiatives to reduce operating costs for members. Members can also be involved in the running and designing of the BID services by volunteering to be a member of the BID company board.
NOTE: All services are provided on top of any basic level of service provided by the Council.
When did the 5 year BID term commence?
1 October, 2014