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About Park Royal BID

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Backgrounds to BIDs


A Business Improvement District is a precisely defined geographical area within which the businesses have voted to invest collectively in local improvements to enhance their trading environment. BIDs do not affect the level of quality of service provided by the local authority to the area. A BID is initiated, financed and led by the commercial sector, providing additional or improved services as identified and requested by local businesses to the baseline services provided by the local authority in the area.


A BID for Park Royal


PRP first evaluated the feasibility of developing a BID on the estate in 2007. Following the widely published news about public sector cut-backs and a reduction in public funding for regeneration programmes, PRP believes that a BID is now critical to ensure that essential investments in Park Royal and its environment continue. Furthermore, PRP has recently secured funding from the London Development Agency to launch a BID proposal for local businesses with the intention of moving directly to a formal ballot in February 2011.
The BID will help PRP safeguard and shape the future of Park Royal, London’s Industrial Heart.  Park Royal businesses contribute in excess of £136million per annum in business rates. A successful BID would raise at least £1.4million per annum in levies; sufficient to fund a regeneration programme capable of delivering urban renewal and public realm improvement programmes. If successful, a Park Royal BID would provide a long term solution to securing regeneration funding (at least five years). This will enable PRP to work on continued investment into the area, as well as support business growth, job creation and the regeneration of the area.
In addition, a BID would create the opportunity to obtain match funding from the European Regional Development Fund (ERDF) and other organizations to increase the level of funding available for improvements in the Park Royal Area. PRP has had great success in bidding for additional sources of revenue where it has the guarantee of a ‘match’ partner. Under the auspices of a BID, the BID will provide its own private sector match and a strong guarantee to underpin further public sector tender submissions.


Park Royal BID Objectives


Within the context of the Park Royal BID, local businesses will work collectively on projects that enhance the area and make a difference to their own trading environment. From our long standing experience and activities within the Park Royal Area, we have identified eight possible themes for the Park Royal BID and we are currently inviting feedback from local businesses, through formal consultation between October and November 2010.

 

The eight possible Park Royal BID Themes are:

  • Security 
  • Street Scene 
  • Transport 
  • Environment 
  • Area Management 
  • Promotion 
  • Value for Money Services 
  • Business Community Services

Businesses are invited to complete the 2010 Park Royal BID Business Survey and to provide formal feedback. A copy of the latest survey will be accessible shortly.

 

Establishing a Park Royal BID


A BID has no limitations on size. As part of establishing a Park Royal BID, the Group has defined its geographical boundaries across the three local boroughs as detailed below:
Ultimately the establishment of a BID will be determined by ballot in February 2011. PRP has now created a Steering Group with local business representation to explain the BID’s concept and to determine whether local businesses would support the implementation of a BID in their area. The Steering Group aims to inform the business community through a series of meetings, ongoing press coverage and leaflets which all contribute to allowing businesses to make an informed choice as to the relevance and benefit of a BID to them. The business consultation will run between October and November 2010, and in December 2010 the BID’s business plan will be established, and the BID will be put to ballot in February 2011.
In order to be successful the results must adhere to two conditions:


- More than 50% of businesses balloted (in each one of the three boroughs) must support the BID’s business plan
- More than 50% of total business rates for that area must be paid for by businesses supporting the BID.


If successful, the BID will be established as a legal company and a management committee from within the participating businesses will be elected to monitor progress against the business plan.
 

It is fundamental to the BID concept that it be led by local businesses at initiation as throughout its duration. The Park Royal BID will be established for a five year period and at the time of the expiration date a new ballot will be undertaken as to whether the BID must continue and a new business plan implemented. Any change to the business plan must be passed through a ballot and the result must respect the same condition as at the initial ballot.