There are more than 300 BIDs already operating across the UK and the benefits which have been widely reported include:
A BID is funded by businesses voting to pay a small proportion of their business rateable value on a package of improvements and this money is then ring-fenced for use only in the BID area. A BID can only be formed following consultation and a ballot in which businesses vote on a Business Plan which they have developed.
Businesses in Christchurch have indicated that they would support a levy of 1.75% and any tenant of a managed centre who are subject to a service charge would pay a reduced rate of 1.3% to reflect the fact that their service charge covers some of the services which would be provided by the BID. It may also be worth pointing out that this means that 60% of all eligible businesses would pay less than a pound per day for the BID and very small businesses, with rateable values of less than £5,000 would not be liable to pay the BID levy.
Detailed consultation has resulted in a proposed BID area of approximately 270 businesses, which would generate approximately £130,000 per year, and which we would also expect to be supplemented by contributions from local businesses outside the town centre, as well as other funding sources. It is proposed that the BID would initially operate for 5 years, meaning that approximately £650,000 of improvements would be generated for the town..
Feedback has strongly suggested that the area covered by a BID should be within the area shown as follows…