What is a BID?
A Business Improvement District is a geographically defined area giving businesses the power to manage their trading environment – choosing and funding services and projects beneficial to their businesses, their employees, and their customers.
These services are in addition to those already provided by the local authority and police and are paid for by a small levy on qualifying businesses based on their rateable value.
The Angel BID will run for five years until 2012 and the BID levy is 1% of the rateable value of all business premises whose rateable value is over £21,500. Many smaller businesses are exempt. Any new business ratepayers coming into the BID area during the term of the BID will be liable for the BID levy which is collected annually by Islington Council and handed back to Angel BID.
Benefits of Angel BID include
• reduced crime and impact of crime
• improved attraction and retention of high quality staff
• increased footfall to the area
• higher potential consumer spend
• reduced risk of people visiting other nearby retail centres