How does a BID work?

Businesses within the BID area with a rateable value of £15,000 or above are required to make an annual contribution (a levy) of 1.5%, resulting in approximately £350k investment per year into the city centre – or roughly £1.75m over the BID’s initial five-year term.

The lifetime of the BID is covered by National Regulations and is set at no more than five years.

A not-for-profit company is set up and run by the businesses in the area and is responsible for ensuring that the aims and objectives of the BID Proposal are delivered.

The BID is about additionality. It does not replace local authority or police services, but has to provide additional resource and activities to benefit the area.

Download the Draft Operating Agreement for Peterborough BID