Andover Business Improvement Districts (BID) was elected as a Town Centre BID and came into effect in April 2019, initially running for 5-years. After this five-year period businesses are balloted on whether they want to continue with a subsequent five-year period.
There are nearly 300 BIDS in the UK, and they have proven to be an effective way in which businesses can have a strong voice and improve their local -trading environment. In Andover, the BID represents over 250 town centre businesses with a rateable value exceeding £10,000 who pay into the BID levy and is allocated to projects and services which are beneficial to members.
In Andover BID’s first term, our business members want us to concentrate on projects and initiatives split into these three areas:
1. Improving Perceptions
2. Raising the profile
3. Backing Businesses
How are our businesses represented?
Andover BID is a not for profit company and our business members are represented through our board of directors, all of whom are levy-payers from different business sectors in the town or are members of our partnership organisations who have a vested interest in Andover and its business economy.
What are Bids?
BIDs are an arrangement whereby businesses come together and decide which improvements they feel could be made in their town or city centre, and how they will implement these improvements and what it will cost them. BIDs are financed and controlled by the businesses within the selected area. BIDs can run for a maximum of five years and during this time they must be able to show that they are benefitting the businesses which fund it.
What can BIDs deliver?
Andover BID can help to shape the future of Town Centre might deliver and is in place to deliver projects or services that are agreed by the businesses in the BID area. These projects are aimed at producing additionality over and above services is already provided through business rates and by the local authority
Why do businesses support BIDs?
BIDs have the proven ability to increase footfall to an area, reduce premiums and improve the business environment and services. As they run for five years, they also give businesses the opportunity to plan. BIDs put the control into the hands of the businesses themselves. BIDs do not substitute services provided through business rates; they provide additional services.