The Victoria BID was originally formed after a ballot in which businesses in the 110-acre Victoria BID footprint voted on a business plan. Businesses eligible to pay an additional business levy were balloted in a process administered by the City of Westminster.
The lifespan of the Victoria BID’s first term ran from 1st April 2010 – 31st March 2015. All BIDs are required to go through a balloting process with levy-paying businesses at the end of the first term to determine whether they have business support to continue for a further five years.
In February 2015 the Victoria BID’s levy paying business partners voted for the renewal of the Victoria BID for a second term with a resounding 85% yes vote. Administered by Westminster City Council, the ballot had a turnout of 62% of eligible businesses. With this mandate, the Victoria BID is uniquely placed to help facilitate a holistic approach to create a strong, identifiable and vibrant Victoria.
Only businesses with a rateable value above £150,000 pay the BID levy and charities are exempt. The additional business levy is only used for specific work programmes, projects and services identified and prioritised by the BID’s business partners set out in the business plan.
The BID is governed by a voluntary board of business levy payers representing all sectors in the area. Observers also attend to represent public sector service providers and local charities. The board leads and guides the work of the BID and is supported by the executive team which implements, delivers and measures mandated programmes and projects.
The Victoria BID represents the voice of business in the area working with our partners to develop Victoria as a better place to work, live in and visit. Our business partners determine our work programmes that contribute to the local economy and enhance the area.
The Victoria Business Improvement District is the BID proposer of Victoria Westminster. Using the knowledge it has gained since 2010, it has helped Victoria Westminster to become a formalised business improvement district.