Business Improvement District
We've teamed up with property investment trust Capital and Regional, who bought the Marlowes Shopping Centre for £53.8 million, to promote the development of a Business Improvement District (BID) - a business-led and business-funded body formed to improve a defined commercial area. BIDs charge a levy to local businesses in return for providing services over and above the usual council provision.
Both ourselves and Capital and Regional share the common goal of strengthening and diversifying the town centre economy, and feel that a BID is the natural progression.
Businesses in Hemel Hempstead town centre voted in favour of establishing a Business Improvement District (BID).
Eighty-four per cent of businesses in Hemel Hempstead voted in favour, representing an overall turnout of 37 per cent.
The BID, developed by Central Management Solutions, was jointly funded by ourselves and Capital and Regional, and demonstrates a unique working relationship.
The core BID priorities will focus on:
- Improving visitor experience and the working environment
- Cleanliness, waste removal and recycling
- Place marketing
What is a Business Improvement District?
A BID is a private, limited company, voted for, funded and managed by the local business community. Its aim is to deliver additional services and projects for a defined area - in this case, Hemel Hempstead town centre. Having a BID brings additional investment, which strengthens an area’s economic outlook for the future. A BID makes an area a great place to do business. Importantly, BIDs are managed by businesses for businesses.
BIDs have enjoyed great success throughout the UK, with more than 270 currently in operation. They allows businesses to deliver focused, additional support for their area. This could be for events, marketing, better street cleaning, increased CCTV coverage, improved lighting or even business training. They put local businesses in the driving seat to shape the future of their trading environment. A BID would ensure our town centre continues to be a more attractive and welcoming place to shop, visit and live.
Please note: BIDs do not replace existing council services. BID money cannot be used to subsidise council services and is spent on services additional to those already being offered by the Council.
For more information, please visit the Hemel Hempstead BID website.