A BID is a not for profit, business-led and business funded body formed to improve a defined commercial area. A BID can only be formed following consultation and a ballot in which businesses vote on a BID Proposal or Business Plan for the area.
If the Romford Bid ballot is successful, businesses within the Romford BID area with a rateable value above £15,000 (those below the threshold being exempt) will be asked to pay a small levy. This creates a pot of money that you, the business owner, get to spend as you see fit, tackling issues or running projects that have been identified by you and the business community.
The ballot must run for a minimum of 28 days and MUST be won on two counts: a straight majority and majority of rateable value. This ensures that the interests of large and small businesses are protected. There is no minimum turnout threshold.
The Romford BID would have a five-year minimum project life span and could collect and manage a budget, in excess of £2.5million.