Who We Are
Please find the answers to the most frequently asked questiones below. If you cannot find what you are looking for, please do not hesitate contact us for more information.
Who is the Victoria BID?
The Victoria Business Improvement District (BID) is a business-led and business funded body formed to improve the Victoria area.
BIDs were first established in Canada and the US in the 1960s and now exist across the globe, including in South Africa, Germany, Japan, New Zealand and Australia. The first BID in Britain went to ballot in December 2004. Since then the number of BIDs in Britain has risen steadily and there are now over 150 BID’s in the UK and the Republic of Ireland. The Victoria BID was established in April 2010 and is currently in its first five-year term of operation.
How was Victoria BID set up?
A BID can only be formed following consultation and a ballot in which businesses vote on a BID Proposal or business plan for the area. All businesses eligible to pay the levy are balloted. In the UK, for a BID to go ahead the ballot must be won on two counts: straight majority and majority of rateable value. This ensures that the interests of large and small businesses are protected.
Our BID Proposal set out businesses’ priorities for improvements for our area and area services, as well as how the Victoria BID is managed and operated. This document has become legally binding since our ballot was won. It is the framework within which we operate. We entered into a baseline agreement with Westminster City Council and other service providers which guarantee the level of service provision in Victoria. These ensure that any services the Victoria BID provides are truly additional.
What is the BID levy?
BIDs are funded through a BID levy, which is a small percentage of a businesses’ rateable value. In common with most BID’s, we charge 1%. Once a ballot is successful the BID levy is mandatory for all eligible businesses. Our BID levy is collected by the local authority into a ring-fenced account and passed to the Victoria BID for use on the projects and services set out in our BID proposal.
How is the Victoria BID governed and managed?
Victoria BID is a Not For Profit Company limited by guarantee and registered in the United Kingdom company number 6041002. The BID is governed by a board made up of BID levy payers representing the BID area and a small management team.
What is the BID renewal?
BIDs operate for a maximum of five years. If they wish to continue they must go through a renewal ballot process to secure another BID term of up to five years. The Victoria BID will go to renewal in 2014/15.