Birmingham’s first business improvement district (BID), which covers the city’s central leisure and entertainment district, is set to come into force at the start of July.
The Broad Street Partnership, advised by Birmingham-based law firm Wragge & Co, is working to establish the BID in Broad Street.
The BID will be managed by a non-profit company of 15 directors.
An overwhelming 92% of local businesses voted in favour of the BID, the highest level of support given to any UK BID proposal.
BIDs, which were introduced in the UK in 2004, are a new public-private method of funding improvements in a particular area.
The concept involves local firms contributing an additional levy on their business rates, which is used to upgrade the trading and operating environment.
Adrian Bland, head of real estate at Wragge & Co, said: ”This is a legal landmark for Birmingham. BIDs have been hugely successful in the US and we have long been pushing for the concept to be introduced over here. They have a big part to play in the transformation of urban environments.”
BIDs originated in the US and Canada in the 1970s, and helped to transform run-down business districts like New York’s Times Square and Grand Central Station.
The Broad Street BID is the eleventh BID to secure a positive ballot result since the UK legislation was approved in September 2004.
References: EGi News 29/06/05
