Destination Business Improvement Districts
WHAT ARE DBIDS?
DBIDs are an arrangement whereby businesses come together and decide which improvements they feel could be made in their destination, how they will implement these improvements and what it will cost them. BIDs are financed and controlled by the businesses within the BID area. They can run for a maximum of five years and during this time they must be able to show that they are benefitting the businesses that fund it.
WHAT CAN BIDS DELIVER?
It’s up to you as a business to help shape what the LCDBID may deliver. BIDs can deliver any projects or services that are agreed by the businesses in the BID area, but these projects must go over and above anything that is already provided through business rates and by the local authority.
HOW WILL THE PROCESS WORK?
The aims of the BID are outlined by the businesses in the BID area, primarily through a survey. After this, your priorities for the LCDBID will be collated and you will be invited to attend one of a series of informal business meetings where you will be updated on the progress of the BID and you will be able to ask questions and give feedback – this is part of the detailed consultation phase. A Task Group (made up of businesses in the BID area) will then assist in producing a business plan that will then be sent out to all businesses within the BID area. These businesses will then have the opportunity to vote in a confidential ballot to determine whether Lincolnshire Coast wishes to say YES to a Destination BID.
WHY DO BUSINESSES SUPPORT BIDS?
- They have the ability to increase footfall to an area, reduce premiums and improve services.
- They can run for up to five years, so they give businesses the opportunity to plan ahead.
- They put the control into the hands of the businesses themselves.
- They do not substitute services provided through business rates. Instead, they provide additional services.