St Albans BID is a private sector-led, not for profit, limited company. The BID is built by local businesses, for local businesses and managed by local businesses. A BID is not managed by the Local Authority. It enhances existing services provided by the Council, rather than replace them.
In November 2016 the businesses of St Albans voted in favour of a Business Improvement District, built by local businesses for local businesses and managed by local businesses.
St Albans BID came into effect on 1 April 2017, beginning a five-year term of investment in the City Centre.
What is a BID?
A BID is a defined area within which businesses pay a levy in order to fund projects within the district’s boundaries. With over 200 BIDs in the UK generating over £65m annually, a BID is a proven model used nationally to improve different aspects of a city centre.
Who manages the BID?
Does the BID replace existing council services?
No. A baseline agreement of existing services provided by St Albans City and District Council has been formed to ensure that all of the BID levy concentrates on improving existing services.
How much does it cost?
Businesses within the BID area pay a levy of 1.8% based on their rateable value. Businesses with a rateable value below £10k will be exempt.
What is the defined area?
How was the BID established?
All businesses within the area, with the exception of those under the £10,000 threshold, had the opportunity to vote for or against the BID in November 2016.
A successful vote is one that has a simple majority both in votes cast and in rateable value of votes cast.
The levy is charged on all businesses within the defined area. The BID operates for 5 years from April 1 2017 after which time it must be renewed.
What's next for the BID?
The BID is now in place so that the events, infrastructure and business benefits that were voted in are delivered promptly and effectively, helping the city reap the benefits of the money invested by the businesses, over the coming years.
What’s next for businesses?
Businesses receive their BID bill with the business rates bill in March/April each year. On the bill, there will be all the information about ways to pay.
All the money collected by the BID levy is then transferred to the BID Company to deliver the BID Business Plan voted on in November 2016.
Can the BID support my idea/ community fund / project?
We’d love to hear from individuals, charities and organisations that feel that a financial boost from the BID would support and reward the businesses within the City Centre. This result can be achieved by increasing footfall, generating positive news stories about St Albans City Centre, supporting economic growth and entrepreneurism and more. If you think you have an idea that we can help with, please get in touch or complete the Business Case application here.