In May 2012 the Jewellery Quarter’s business community gave a firm thumbs up to the proposals for its own Business Improvement District (BID). The BID received an encouraging 45% turnout of voters, with 80% of those businesses voting ‘yes’. It is estimated that the BID levy will bring in an estimated £2 million over its five-year lifespan and could be expected to lever in a similar amount from other resources.
The Jewellery Quarter Business Improvement District (JQ BID) is a defined area within which the local business community will work together to deliver projects and services that improve the business environment and the experiences of visitors and service users. The BID is operated by an independent business-led community interest company (JQDT) that is committed to the area’s ongoing improvement. It also delivers services additional to those provided by local authorities and other locally managed projects. The BID will operate for a five-year term (2012 – 2017), at the end of which businesses will have the opportunity to vote again.
The JQ BID has a Management Committee made up of representatives from the JQDT Board and businesses within the community that reflect business type and sector. It also has stakeholders from Birmingham City Council, West Midlands Police and the Jewellery Quarter Neighbourhood Forum (JQNF).
The JQ BID is funded by a fair and transparent levy of 2% 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 £10,000. Every penny of the funds generated by the JQ BID will be spent by and in the community.