A Business Improvement District (BID) is a defined geographic area within which business rate payers agree through a ballot to pay a levy on their business rateable value to deliver substantial improvements in their area. The set up and operation of a BID is governed by The Business Improvement Distrcts (England) Regulations 2004.
Following the successful ballot in July 2018 in which a majority yes vote was acheived both by number and aggregate rateable value a BID is now being set up for Acton.
The BID will be managed by a new, independent and business led company limited by guarantee, the Acton BID Company Ltd. The BID will be a not-for-profit social enterprise and will reinvest all income into Acton. It will be managed by an elected board of voluntary directors.
Over the five-year period (from 2018-2023) the Acton BID will raise and invest over £1.4m in the area.
The vision for the Acton BID is: to make the area cleaner, safer and more welcoming for visitors and to ensure that businesses are given every opportunity to succeed, trade and grow through representation, support and investment.
Following consultation with businesses within the Acton BID boundary, projects will be delivered under the following 4 themes: a cleaner and safer Acton, an accessible and attractive Acton, a better connected and active Acton and a strong voice and support for businesses in Acton.
The business plan for the Acton BID can be found here.
BID operations will begin on 1st October 2018. The first BID levy invoice will be issued shortly after; covering the period from 1st October 2018 to 31st March 2019. Subsequent BID levy invoices will be issued annually, invoiced on 1st April each year, with the final bill covering the period 1st April 2023 – 30th September 2023.
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