A Business Improvement District (BID) is a business-led initiative which gives local businesses the power to raise and spend funds locally with the aim of improving their own business environment.
Watford town centre businesses were balloted in October 2015 to find out whether they wanted to be part of a BID. 78% of respondents stated they did so Watford BID was set up on 1 April and will run until 31 March 2021. Every business within the BID area pays an annual BID levy, generating a total income of nearly £3 million of additional investment over the five-year period into the town centre area.
Watford Borough Council is a BID levy payer and its Managing Director sits on the BID Board.
Visit the Watford BID website to learn more.