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 Victoria BID has been established for over 10 years and since April 2010 has delivered two successful five year terms. All BIDs are required to go through a balloting process with levy-paying businesses at the end of each term, to determine whether they have business support to continue for a further five years.
In February 2020, the Victoria BID’s levy paying business partners voted for the renewal of the Victoria BID for a third term with a resounding 93% yes vote. With this mandate, the Victoria BID is uniquely placed to continue its ambitious, holistic approach to amplify Victoria and its future growth.
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.