Percentage of rateable value price improvement YES votes approx 73. Abingdon BID now has a clear mandate to proceed with the introduction of a Business Improvement District for our town.
We are delighted that we have received the support of businesses in town and we now look forward to setting up the BID Company and starting work in April 2016 to deliver services and initiatives over the next five years. 800K of investment over the five years and allow the new BID Company to initiate projects proposed in the business plan. Projects will include marketing and promotion to draw in visitors and new businesses, promoting Abingdon’s independent businesses through a Uniquely Abingdon brand, parking initiatives and more high profile events. Among the BID’s first tasks will be to recruit a BID Manager, secure office premises and draw up detailed operating plans for the first 12 months.
We would like to thank everyone who has been involved with the BID so far. Officially the BID does not start until April 2016, but our work commences now and news updates will be released here on the website and through social media. You can sign up for email updates or follow us on Twitter. In 2004, following successful models in Canada, America, South Africa and Australia, the UK introduced legislation for the creation of Business Improvement Districts. Since 2004, over 200 BIDs have been created including London, Newcastle, Swansea, Nottingham, Brighton, Liverpool and Edinburgh.
Nearer to home, Newbury and High Wycombe have recently voted in their BIDs and are already feeling the positive effects. They are not a replacement for local authority and police services, but provide an additional resource. They are funded by businesses through a small levy, applied to the rateable value of commercial premises. BIDs are created following a ballot of participating business ratepayers. They have a maximum term of five years before they have to return to their electorate for renewal. There is simply no other mechanism that puts businesses into the driving seat to secure a long term and fair way of funding town centre management and promotion.
These will be of benefit to businesses involved whilst contributing to the wider aspirations of the local residential community and growing the local economy. BIDs give businesses a strong voice in issues affecting them. BID Levy money is ring fenced for use only in the BID area. BIDs deliver increased footfall, profits, marketing spend and reduced costs. It is up to you – your BID, your voice, your vote. Despite its beauty, history and charm, Abingdon and its businesses face challenges to grow, thrive and survive. A BID is an area of a town or city where business ratepayers vote to invest collectively in local improvements to boost trading conditions.