The creation and operation of a BID is governed by legislation – Part 4 of the Local Government Act 2003 and the Business Improvement Districts (England) Regulations 2004.
Sheffield City Centre BID Limited is a not-for-profit company limited by guarantee and has a Board of voluntary Directors.
The
BID Board is responsible for the strategic and financial management of the BID and meets on a quarterly basis as a minimum. The split of representation on the Board reflects the sector breakdown of the BID levy paying businesses across the city.
Alongside the BID Board there are different working groups focused on specific issues as the need arises. These groups will always have at least one Director in their membership and any necessary budget will be agreed at Board level.
Annual accounts are produced alongside an annual review and these are made available to levy paying businesses.
As required by the
BID legislation, Sheffield BID has a legal agreement with Sheffield City Council as follows:
- Baseline agreement – sets out the minimum service standards to be delivered by Sheffield City Council along with any additional agreed discretionary services within the BID area.
- Operating agreement – defines the contractual arrangements for the collection and enforcement of the BID levy.
