Bid: Questions & Answers
Q: WHAT IS A BID?
A: A Business Improvement District (BID) is a defined area where businesses pay an additional fee to fund improvements over and above normal service provision.
Q: WHAT ARE THE BENEFITS OF A BID?
A: A BID provides resources to deliver additional services for the area that are in line with what local businesses want. A BID also gives the area a strategic voice at the City Centre Partnership Board, alongside other Birmingham-based BIDs.
Q: HOW WILL THE BID BE FUNDED?
A: Businesses pay an agreed levy based on the rateable value of their premises. For the Jewellery Quarter, this is 2% for premises with a rateable value of £10,000 and above.
Q: HOW MANY BIDS ARE THERE IN BIRMINGHAM CITY CENTRE?
A: All of the City Centre is now covered apart from Digbeth/Eastside.
Q: HOW LONG IS THE TENURE OF A BID?
A: Usually for five years before another ballot is held.
Q: WHAT ARE THE INITIAL PROPOSALS?
A: A BID that generally covers the Jewellery Quarter Urban Village area and is bounded by the Jewellery Quarter side of Livery Street, Great Hampton Street, Icknield Street, Sandpits, Summer Row and Great Charles Street. This will raise circa £400,000 per year.
Q: HOW WILL LOCAL BUSINESSES BE CONSULTED?
A: Every business that will be a prospective BID levy payer will receive a regular BID newsletter and will also have the chance to air their views on the priorities for improvement through a survey. An initial newsletter and questionnaire has already been hand delivered to the estimated 550 business premises in the Quarter.
Q: WHO WILL MAKE THE DECISIONS ON HOW THE MONEY WILL BE SPENT?
A: The BID Manangement Committee will make decisions on spend based on the proposals set out in the BID Prospectus.