Business Improvement District
BID is an informal framework designed to promote local engagement, bringing resources to a defined area and that creates or adds value.
A BID is an initiative started by a group of estate agents with a common aim of giving their local area an upgrade and a facelift. An 'area' can be a shopping street, a neighbourhood or a business park.
A BID is a project designed to run to a pre-approved plan with priorities identified, its own organisation, budget and timeframe (typically 3-5 years).
Value creation is achieved in rising property values, higher rent income and a good image, plus the attraction of income-generating customers, e.g. shoppers in a shopping street.
Business Improvement Districts already exist in many countries with considerable success. They are not well known in Denmark as yet. CC Property has gained experience with BIDs at home and abroad.
Setting up a BID is not free. It requires capital, engagement, determination and time to make it work. But they are generally worth the investment.
CC Property can compile the data needed to get started, and we can act as a secretariat once a BID is up and running.