A Business Improvement District is a vehicle for local improvements in a predefined boundary that are designed and instructed on by the businesses in the area. For the area to become a BID, the principles and projects must be voted in favour for by the businesses and subsequently a small levy would be applied to those eligible businesses to allow these improvements to come to fruition. All activities and projects funded by the BID, will be above and beyond the statutory duty of the Local Authority and Police and will provide additionality only.
The regenerative activities within these is up to you as the business community and led by a small executive team to drive forward. This will enhance Aldgate as an area of existing creativity, dynamism and cultural heritage.
BREAKING NEWS !!
ALDGATE BUSINESSES HAVE BACKED THE BID
Local businesses in Aldgate have voted overwhelmingly in favour of establishing the first Business Improvement District (BID) in Tower Hamlets and only the second for the City of London. The cross-borough BID: ‘Aldgate Connect’ will now ‘go live’ in April after today’s resounding vote of approval.
The successful ballot result means Aldgate Connect will be able to deliver a variety of strategic and operational improvements in the area around Aldgate.
Of those businesses that voted, 92% voted ‘yes’ at the ballot (94% by rateable value). The ballot result is a strong endorsement of the achievements of Aldgate Partnership since it was first established in 2014.
The BID team, led by specialist regeneration consultancy Primera Corporation, will work with the City Corporation, Tower Hamlets and other partners to deliver the ambitious business plan that was published in advance of the ballot being held.
Over the next five years the Aldgate Connect BID will invest around £4 million in projects and programmes ranging from support for businesses and improving business resilience, to enhancing air quality, promoting the area as a destination and supporting young people.
There is growing acknowledgement that all areas in the capital are raising their game, no matter how well known or iconic. The drive to compete for the best talent, a rightful share of the tourist market and entice domestic visitors has never been more important.
Ruth Duston OBE OC, MD of Primera Corporation – Executive Director of the Aldgate Connect BID said:
“BIDs in the capital are a powerful and strategic force for good. From transformational public realm projects, to supporting small businesses and making areas safer, cleaner and more pleasant places to visit or work, BIDs have a proven track record for driving change and innovation. This positive result means that the opportunity for Aldgate is significant, giving the private sector a real say in the future evolution of this fantastic location.”
There are now more than 60 BIDs operating in central London. Not only providing important operational functions such as cleaning and greening, BIDs are increasingly seen as strategic partners to the public sector, providing vital ‘added value’ in districts across the capital and working hand in hand with the public sector bodies such as TfL, local councils and the GLA. Importantly, they give a voice to business communities and are able to lobby on big issues impacting on businesses.
About Primera Corporation
Established 15 years ago, Primera Corporation is a leading regeneration consultancy with a specialism in the development of Business Improvement Districts (BIDs) and business partnerships.
Ruth Duston is the MD of Primera and she has been involved with Business Improvement Districts and business partnerships for almost two decades, representing thousands of businesses and employees and contributing to the enhancement of vast areas of London, from Victoria, Cheapside and The Northbank to Hatton Garden, Richmond, Aldgate and Old Street. www.prime-era.co.uk