What is a BID?
BIDs are part of the government’s long-term strategy to encourage partnership working between a Local Authority and the business community. A BID is a defined area within which rate-paying businesses decide on new improvements to help transform their area – and then vote to agree the investment. This money is then ring-fenced to provide the improvements agreed through the development of the BID strategy.
Why the Cathedral Quarter?
Derby is currently undergoing a period of transformation with more than £1 billion of construction work currently taking place in the city, the biggest of which is the Westfield redevelopment which opened October 2007 but which also includes considerable investment in new developments and the public realm in the Cathedral Quarter. The Cathedral Quarter has long been identified as having a special character of its own and a readily defined part of the evolving city centre. It is where the majority of Derby’s listed buildings lie and much of its cultural attractions and heritage are to be found in this area. It has only recently become known as the Cathedral Quarter and as a result of the development of the Business Improvement District has rapidly gained acceptance as an important destination and entity in its own right. This will encourage people to visit the area more often and stay longer – leading to increased turnover and profits for businesses in the area and compliment the mall shopping experience of Westfield Derby.
How much does it cost?
The BID levy is 1.5% of rateable value (using the published 2005 valuation as at 1st October 2007 for each defined business within the scope of the BID), with the exception of those premises with a rateable value of less than £2,000 as at 1st October 2007.
Properties operated by registered charities and places of religious worship are exempt from the levy. No other relief will be given to any class of non-domestic ratepayer and there is no distinction made between occupied or unoccupied hereditaments, both occupancy status attracting the full BID levy, unless the building is listed.
Who manages the BID?
The Cathedral Quarter Company limited, is a company limited by guarantee and has its own management board which monitors the management group which looks after the implementation of the business plan. This is a not-for-profit company, board and management group members are made up of individuals who represent the cross section of stakeholders in the area.
How does the BID work?
A series of surveys and considerable research among businesses in the area was carried out to determine what improvements businesses in the area would like to make, as well as to discover why people visit the Quarter, what would encourage them to visit more and stay longer. This was an essential part of the development and creation of the Cathedral Quarter Business plan which was put to the vote of all non-domestic ratepayers in the Cathedral Quarter, in November 2007.
This means that businesses have a direct role in deciding what improvements should be made in their local area. After five years, the businesses will re-vote on whether they want the BID to continue and what they want to improve over the next five years
How does my business benefit?
The entire cross section of businesses in the Cathedral Quarter, from retailers to professional service providers identified the issues that they wanted the BID to tackle. The direct business benefits include:Delivery of a pragmatic and business driven agenda. Development of the area which is business led. The development of an effective partnership with the public sector. Delivery of sustained investment to improve the Cathedral Quarter over a five year period.A focus on achieving positive and measurable outcomes of benefit to all businesses.
What will the BID deliver?
The BID will deliver the changes and improvements that the businesses in the Cathedral Quarter identified: to promote the cathedral quarter – to improve access – to encourage longer stays – to strengthen safety and security – to project manage, administer and widen opportunities -However it is important to remember that the BID does not replace the existing services provided by Derby City Council and City Centre Management – these have been benchmarked and are monitored by the BID company to ensure that the money generated through the BID is used for the improvements voted for by the businesses in the BID district.
How is the BID funded?
The delivery of the BID business plan is funded by the businesses in the BID district and aims to be both fair and transparent. As a result of the majority of businesses voting in favour of the business plan last November; all businesses in the area are subject to the additional levy to their rates. This overcomes the problem of a few businesses paying for improvements that benefit many.
We also hope that the BID will serve as a catalyst for change and bring in more investment to the Cathedral Quarter.
Who decided?
The BID Business Plan was voted on in November 2007 by the businesses in the Cathedral Quarter. There was a strong endorsement from the businesses in the area with 85% by number and 74% by rateable value voting in favour of the implementation of the plan. What are the BID’s vision and objectives? Through this business-led programme of investment the vision is:
‘To establish the Cathedral Quarter as a destination which offers specialist quality retail, a diverse range of quality leisure and cultural activity and established respected professional services in an attractive historical setting’.
The programme of investment will be delivered through the five strategic objectives and their related projects.
to promote the cathedral quarter – to improve access – to encourage longer stays – to strengthen safety and security – to project manage, administer and widen opportunities