A Business Improvement District(BID) is a business-led and business-funded body, created through a ballot process, to provide mutually-agreed improvements to a defined area in which a levy is charged on all business rate payers based on their rateable value.
The BID is funded through this levy but can also utilise other public and private funding streams to develop projects that are intended to provide additional services or improvements to the local area over and above the services already provided by the local authority.
City of London Business Improvement Districts(BIDs)
The City Corporation is the BID Proposer and BID Body for four established BIDs in the City:
City of London BIDs
Reclaim EC1 article on BIDs
Culture Mile BID