The following are intended to answer a few common questions about the proposals, although please contact us if you have any further queries.
How a BID would help businesses
There are more than 300 BIDs already operating across the UK and businesses say that the benefits they have brought about include:
- Businesses being in control of major projects
- Improved promotion & marketing
- Increased footfall, leading to increased turnover
- Events and activities to increase vibrancy
- Additional networking activities
The proposed cost to businesses
A levy of 1.75% is being considered in Nuneaton, resulting in an average business investment of approximately £400, although half of all businesses would pay less than this. A discount is being considered for tenants of managed centres to reflect the service charges which they pay and an exemption level of £10,000 is also being considered, which means that small businesses would not be liable to pay the levy.
The money which could be generated
Initial indications suggest a BID area of approximately 335 businesses, which would generate approximately £190,000 per year, and which would be likely to be supplemented by contributions from local businesses outside the town centre. It is proposed that the BID would initially operate for 5 years, meaning that approximately £1m of improvements would be generated for the town.
The area which could be covered
Feedback suggests that the area covered by a BID should be within the boundary of the main ring road, however, the area proposed remains open to consultation.
Proposed timetable
The current proposals are for the following timetable to adopted:
