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.
Colmore BID 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.
The BID company is a not-for profit and democratically elected company; levy paying businesses within the defined area vote on objectives set out in a proposal and, providing there is a ‘Yes’ majority vote, the company will run for a five-year term. At the end of the term, businesses will have the opportunity to vote again.
Colmore BID’s first term commenced in April 2009 and is due for completion in March 2014. The BID secured a resounding Yes vote in its re-ballot for a second five-year term from April 2014. Those in favour made up 94% of the turnout by number and 96% of the aggregate rateable value represented by those voting. The turnout was 61%, one of the highest for a BID renewal ballot in the country. The BID’s second term will run from April 2014 to March 2019.