The Nuneaton BID Task Group is set of local, professional, business people who are looking at better ways to manage and market the Town Centre. The group operates independently of any council or organisation but in collaboration with everyone who cares about the wellbeing as well as the current and future prosperity of our town.
Are you interested in learning more information? Come along to our next drop in session.
A Business Improvement District (BID) is an exciting way to help businesses take control of and improve their trading environment. As a business within the BID area you have a great opportunity to identify the improvements, you want to implement that will make a positive change to your business and Nuneaton. This all goes into a business plan which is voted on by all those who would have to contribute. The BID lasts for a maximum of five years and must be able to demonstrate how it benefits the businesses within the community, that have provided the funding.
A BID is a mechanism which allows businesses to raise a sum of money to collectively manage and deliver projects that they have identified and believe will improve their trading environment, providing a return to those who are paying for the improvements.
BID funds can only be used to carry out projects/services ADDITIONAL to those that public services have to provide. Prior to the BID Business Plan being produced the current services being delivered by all public agencies including the Local Authority and Police are benchmarked. The BID company can agree to provide additional resources to deliver a higher level of service over and above the benchmarked level if this is what businesses have identified.
Since 2004 when this legislation was introduced, there have been over 320 BIDs developed in the UK, which over the next 5 years will bring in over £100 million of new finance to develop their locations. The nearest ones to Nuneaton are Hinckley, Rugby, Leamington and Coventry where BID funding has been successfully contributing within these communities for many years.
Like any good business plan, specific key performance indicators (KPI’s) are set and performance is monitored against these KPI’s by the BID board. The BID company is answerable to the businesses that pay the BID levy and will be required to monitor and inform its members on progress towards the agreed KPI’s.
Once projects and services have been agreed and going to be delivered and managed, they are costed up and set out in a detailed business plan. The cost to each business is worked out on a pro rata basis. ‘This is called the ‘BID LEVY’. The BID levy is normally paid by the occupiers of a property. In addition, BID contributions can be provided through voluntary funding, grants and ‘in kind’ contributions to supplement the BID levy.
It’s up to you. Our BID can deliver any projects or services that are agreed by the businesses in the BID area, but they must be over and above anything that the public sector are required to provide through your business rates. Most BID projects include marketing and promotional activities, improving access and facilities, welcome and safety measures, attracting new businesses and investment, reducing costs and enhancing the visitor experience. The important thing is that the BID is focused on operating and delivering the initiatives that are determined through detailed consultation with all of businesses in the BID area.
BIDs are normally controlled and managed by local businesses that are paying the levy, currently the majority of successful BIDs are delivered through a Company Limited by Guarantee (not for profit). The BID Company would be responsible for the delivery of the BID projects and services and directly responsible to all businesses through a board elected from those businesses that pay the BID levy.
A BID can be proposed by any business ratepayer, property owner, local authority or a partnership with an interest in the BID Area.