The Business Plan for the Weymouth BID will be officially launched following the Chamber of Commerce Business Breakfast on Tuesday 2ndApril with a photo opportunity..
The potential levy payers have been working on the Business Plan with the Weymouth BID Steering Group for over 10 month consultation period. The plan details projects which aim to encourage increased footfall, visitor spending and repeat visits to the area.
This will be achieved using the £300,000 the BID will raise annually through the levy payers, over the 5 years of the plan.
Business Improvement Districts, or BIDs as they are commonly known, were regulated by Government in 2004 and over 140 BIDs are now operational in the UK. They aim, to improve the trading environment for a defined area over a 5-year period.
Businesses vote to pay a levy to help achieve this; if the vote is YES all levy payers within the area pay an annual statutory contribution and have the chance to re-ballot after 5 years.
Weymouth BID Ltd was formed in October 2011 and a steering group of local businesses, supported by Weymouth & Portland Borough Council, have managed the process and helped create the Business Plan that levy payers will vote on in May 2013.
Nigel Reed, Chair of The Steering Group and BID Co-ordinator, said: “This plan shows what the BID will deliver; it includes a list of projects and aims but is flexible enough to deal with the continuing changes to town centres and the seasonality of our economy.”
He added: “If the BID achieves a YES vote, local traders will see something new- a funding stream raised locally, but more importantly, spent locally, and run by the BID area businesses. We have, and continue to receive, confirmation of YES votes by businesses within the BID area, including the local council which is a major contributor.’
For more information please contact Nigel Reed on 07557 142906, email at [email protected] . Website : www.weymouthbid.co.uk.
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