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Plymouth was one of the very first UK Business Improvement Districts (BIDs) and has been widely recognised as one of the best. We have delivered a real step change in the trading environment and over £10m of investment in our first five years. I am now delighted to introduce our second BID Business Plan 2010 to 2015 which seeks to consolidate on the progress that has been made to date and directly respond to the challenges faced by modern 21st century high streets.
Plymouth City Centre's BID is a direct response to your ideas to improve your trading environment and enhance profitability. The business plan seeks to drive retail sales and asset values through a coherent Place Making strategy, attracting new customers, improving the customer experience and exceeding customer expectations.
The BID projects are truly ambitious and will directly deliver £5m investment in the city centre over the next five years. This has been made possible by the uniquely high level of match funding that we are able to secure from the City Council, property sector and our many other partners who, on behalf of the Board, I would like to thank for their ongoing support. The Business Plan represents a valuable investment, unlocking millions of pounds of additional consumer spending, whilst also directly responding to the current trading climate by reducing your business trading costs.
The BID is part of a wider strategy, reinforcing Plymouth's role as a regional shopping centre, improving the retail offer, investing in the public realm and improving car parking facilities. The BID will target high spending shoppers, day visitors and tourists in our catchment area, challenging perceptions of cleanliness and safety, whilst delivering an award winning programme of events and marketing. Through the BID, retailers will continue to genuinely control their trading environment driven by a private sector management approach.
I urge you to carefully consider the new business plan as it is only by voting 'Yes' to ensure a strong mandate and by innovatively working together that we can truly transform Plymouth City Centre's trading environment.
Duncan Currall, Chairman
Regional Managing Director, South West Media Group Ltd
Executive summary
A BID is a precisely defined geographical area, where business rate payers have voted to invest collectively in local improvements that are in addition to those that are already delivered by local, statutory bodies. The BID is delivered through Plymouth City Centre Company, a not for profit company, limited by guarantee, with a board of directors elected from the BID area. Working in partnership with Plymouth City Council, the Police Authority, the University of Plymouth, South West Regional Development Agency and other public agencies and associations, we deliver leadership along with marketing and operational improvements for businesses located in the BID area.
Our primary purpose is to drive retail trading performance and to re-assert Plymouth City Centre as the premier shopping and leisure destination in Devon and Cornwall. The BID's renewal will result in delivery of significant city centre improvements, representing a change of gear from Plymouth's original BID. We will use our mature partnerships to maximise the positive impact of your investment between 2010 and 2015. The Plymouth BID has levered £5 of match funding for every £1 of BID levy received from businesses in the BID area. This is a unique achievement within the UK and means that all of the Plymouth BID levy is used to pay for BID projects instead of administration costs. All non-domestic rate paying businesses within the proposed BID area will be eligible to vote on the BID Proposal. The ballot is due to be held between 11 September and 16 October 2009. A 'Yes' vote would ensure that these aims will be met and this is crucial as otherwise the Plymouth BID will cease in March 2010.