‘It’s your opportunity to take charge’
A Business Improvement District (BID) is a business led initiative which gives local organisations the power to ‘raise funds locally to be spent locally’ on improving their own trading environment. It is an investment scheme where local businesses have the opportunity to say how their money should be invested to benefit themselves, their employees, customers and clients.
BIDs are good news for City and town centres. They also work. 45 Business Improvement District schemes are already successfully operating in places like Plymouth, Bristol, Bedford, Keswick, London, Lincoln, Reading and Birmingham and are making positive differences for businesses trading in those areas. Truro now has an exciting opportunity to be the first place in Cornwall to create a BID and change the face of trading in Cornwall’s capital.
During the past 18 months, you have told us what you feel are priorities for Truro and your comments have shaped this final proposal. However, the BID will only go ahead if it is approved through a secret ballot. For the BID to proceed, two conditions must be met; firstly, over 50% or more of businesses who vote must vote in favour and secondly, those businesses voting ‘yes’ must represent more than 50% of the total rateable value of all votes cast. Read more about how the ballot will work.
If both these conditions are met, all eligible businesses in Truro, regardless of how they voted will have to pay 1% of their rateable value every year for five years, the duration of the Totally Truro programme. After five years, businesses will have the opportunity to review how the BID has performed and decide whether it will continue for a second term.
Voting papers will be sent to you at the beginning of June 2007.
BIDs are not a way for local authorities to get more money. The BID company, Totally Truro, is independent from the local authorities and will be accountable to a private sector dominated board. Carrick District Council will collect the money but will not keep it.
BID funds will support additional activities – it will not replace activities currently carried out by the local authorities and other statutory agencies. Click on 'News and Events' to read about services already provided and their baseline level. Your BID investment will not pay for these services. Indeed, part of the role of the BID will be to provide clarity on the services and standards that businesses can expect in return for their business rates.
A BID is not a new tax, it is an investment. Unlike your business rates, the money doesn’t go to the Government; it all remains in Truro to be spent on the things that matter to you.
For more information click on www.ukbids.org.uk www.retailbids.org.uk www.britishbids.co.uk