Business Improvement District (BID) in Penge
2nd September 2017
Businesses in Penge are invited to attend an upcoming free workshop on 20th September 2017 to find out more about the potential plans for a Business Improvement District (BID) in Penge.
A Business Improvement District is a scheme where businesses located within a designated area come together to fund initiatives and improvements to their local area over and above the level already provided by the local authorities.
The creation of a BID is a democratic process, decided following a ballot of the qualifying businesses within the proposed district. The BID lasts for a 5-year term and is funded by the ‘BID levy’ which is paid by the qualifying businesses and is based on a small percentage of their business premises rateable value.
The funds raised by the BID levy are then ring-fenced and can only be used to fund projects and initiatives that will benefit the businesses within the improvement district, these projects and initiatives must be over and above any services already being provided by the local authorities such as the Council or Police.
Find out more about BIDs at www.britishbids.info
We would like to invite you to have your say on the services which matter most to you.
*We collect your data on behalf of our client, London Borough of Bromley, who have instructed us to consult them for a potential BID to be developed in Penge. This data will be passed to them and, consequently, will be destroyed by Central Management Solutions at the end of the BID development research*