BID aims to attract investment and encourage a more vibrant economy.
Businesses in Birmingham’s Jewellery Quarter have been asked to bid on whether they want to make the area a Business Improvement District (BID).
A BID works by charging businesses in that area with a rateable value of £10,000 or more an annual fee of an extra 2% on their business rates. This money is then invested back into the area to attract investment, increase visitor numbers and encourage a more vibrant economy, while making the area a better place in which to work, invest and live.
About 550 businesses in The Jewellery Quarter are being asked to vote to support the initiative and a ballot, managed and organised by independent body The Electoral Reform Society, will be held over five weeks starting on April 17. This follows a series of consultation and drop-in sessions held by the Jewellery Quarter Development Trust (JQDT) over the past six months about the BID process.
JQDT chair Dave Mahony, who is also managing director of PCPT Architects in Spencer Street, said: “If ever an area was tailor-made for a BID it is the Jewellery Quarter with its unique blend of business and heritage, manufacturing, private investment and ownerships and its skilled, creative people who take great pride in the place. The JQDT is determined to succeed in getting a positive BID outcome for the area.”
A prospectus about turning the Jewellery Quarter into a BID is now being circulated and was officially launched by Birmingham’s Lord Mayor Anita Ward, joined by Birmingham City Council’s Cabinet Member for Finance Councillor Randal Brew OBE and the Cabinet Member for Transport, Environment and Regeneration Councillor Timothy Huxtable.
Huxtable said: “There are currently nine BIDs in Birmingham and I have seen how BID status has helped businesses to improve their local environment for staff, residents and visitors. The City Council sees the Jewellery Quarter as very much a part of the city centre and wishes the JQDT the best of luck in achieving its aim of securing the Quarter as a Business Improvement District.”