A Business Improvement District (BID) Levy is payable by ratepayers, in addition to the Business Rates, if they operate a property of a certain type that falls within a BID area.
The Council collect this Levy on behalf of an independent company running a programme of additional services over and above that provided by the public sector.
A BID can only operate if the majority of the businesses affected vote in favour of one being put in place. The most recent BID ballot was held in October 2020 and businesses voted in favour of extending the current BID term, which will start 1st April 2021.
The current Nottingham BID has been in operation since 1 January 2016. This operates in a city centre area, defined by the BID Company and currently includes all commercial premises where the rateable value is £25,000 or more. The current BID term will end on 31st March 2021.
For further information on Nottingham BID, please see their corporate website.