The funds raised through the BID collection are 100% ring fenced for projects that you define as needed for BID area.
The BID will raise £3.9million over the next 5 years to be put into projects designed by the business community and the community.
This has underpinned the BID Business Plan for the next 5 years. A BID’s only objective is to provide added value to the area and as such it would never fund any project or service that is of statutory duty provision by the local authority or police service.
Levy raised from properties in each will be ring fenced for specific projects for that boundary area, though many projects will be joint for area wide benefit. Both local authorities are key stakeholders and have been working alongside the partnership to ensure all proposed projects are aligned with their own priorities and aspirations, whilst also giving the businesses what they said they would like a BID to focus on (above and beyond the statutory duty). The following strategic themes demonstrate this and although some projects may be bespoke to each authority area of the boundary, on a whole many are shared and benefit the full area holistically.
The BID is governed by a voluntary Board of business representatives and underpinned by steering committees that drive each area of activity. If you would like to be involved in the decision making of your BID please be in touch.