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What's a BID?
BIDs have already been successfully run in the United States, Canada, South Africa and Australia for many years, and been credited with reversing the decline of many city centres. The current Plymouth BID for 2005 to 2010 is about to come to an end. The BID renewal ballot for 2010 to 2015 will run from 11 September to 16 October 2009.
To establish a BID, businesses:
- identify a geographical area
- decide which new or expanded services they need to enhance their trading environment
- vote to invest collectively
- finance the BID through a levy on their business rate
- lever in additional resources from elsewhere
- establish delivery guarantees and performance indicators
- manage an independent company to deliver the BID
Why does Plymouth need a BID?
Plymouth City Centre has the potential to become a top 20 UK retail destination and a regional centre for Devon and Cornwall. The BID is designed to tackle those areas that have held back
Plymouth's retail growth
These include:
- poor public perception
- failure to attract higher spending shoppers in the catchment area
- outdated, tired and inflexible public landscape
- anti-social behaviour
- ageing car parking
The BID will help the city centre:
- improve the visitor experience
- attract more shoppers
- improve the quality and management of public spaces
- create a safer environment
- improve access
The BID will also help:
- improve business leadership
- increase property/occupier investment
- co-ordinate initiatives to maximise their value
- give the local authority a better understanding of business needs
- mitigate the negative impact of major city centre construction works