Colmore Business District (CBD) is a business improvement district (BID) established to project manage improvements and services to the business quarter of Birmingham. A BID is a defined geographical area within which local businesses collaborate to invest in projects, services and initiatives which improve the environment in which they work. BIDs deliver additional services to those provided by local authority; these projects and services are the result of business investment in the area. A BID is a democratically elected company; businesses within the defined area vote on the objectives set out in the proposal and the company will run for a five year term. At the end of the term in 2014, businesses will have the opportunity to vote again.
A BID is an independent, ‘not-for profit’ company. CBD has a board of non-executive directors made up of representatives from across the District which reflect the composition of business type and sector in the area. CBD also has stakeholder directors from Birmingham City Council, West Midlands Police and Centro.
CBD is principally financed through a 1% levy on the rateable value paid by a business. The levy applies to businesses with a rateable value of £10,000 or above and levies are capped at £25,000.