WHAT IS A BID?
A Business Improvement District (BID) is a business led initiative to make improvements to the trading environment within a defined geographical area. The first BID was implemented in Canada in the 1960s and they have since emerged in countries throughout the world. Since the legislation to create BIDs in England was approved in September 2004, 63 BIDs have formed in the UK of which 17 are in London. In the UK a BID can only come into existence if it approved in a ballot with over 50% businesses within the proposed area voting in favour by weight of numbers and rateable value.

THE ESTABLISHMENT OF CROYDON TOWN CENTRE BID

Croydon Town Centre BID was voted on throughout February 2007 by 580 eligible businesses.  Of those who completed and returned their ballot papers, 63% of the businesses by number and 69.5% by rateable value, voted in favour of the BID leading to a successful result. The BID will run for a five year term, after which the businesses will decide whether a second term will be of value to the Town Centre.  

The BID is funded by a compulsory annual levy of 1% of the rateable value of premises with a rateable value over £40,000 and is paid by the rate payer. Since the establishment of Croydon Town Centre BID in April 2007, businesses have had a unique opportunity to address the needs of the area and the BID will give the Town Centre a new lease of life.

WHAT WILL THE BID DO?
A BID is a very flexible mechanism for delivering a variety of developments to improve local trading performance. The BID will only deliver services over and above the obligations of the Council. The ideas and comments drawn from consultation with the businesses in the area formed the basis for the BID Proposal.  The results of the consultation have highlighted the following areas for improvement, which the BID will focus on: Safe and & Secure, Perception & Image, Clean & Attractive, Accessible and Facilitated.