Newquay could become the third town in Cornwall to develop a Business Improvement District Scheme (BID).
Over the next few days, over 450 businesses in Newquay will receive a postal invitation to learn more about the BID initiative which is already operating successfully in Truro and Falmouth and in a further 99 towns, cities and industrial estates across the UK.
The scheme helps generate a six figure sum annually to be spent on things that matter to local businesses, including initiatives designed to create a year round economy.
BID schemes are ‘business led for business benefit’ and operate in clearly defined geographical areas. Through extensive consultation, businesses themselves identify the improvements needed that will make a real difference to their trading prospects. These project ideas are then developed and priced before being published in a final proposal on which eligible businesses have the opportunity to vote ‘yes’ or ‘no’ in a 28 day postal ballot that is held.
If the BID is approved by a majority voting in favour of the BID both by number and rateable value, these improvements are collectively funded by every eligible ratepayer, including those in the public and voluntary sectors, contributing a percentage of their rateable value (often between 1% and 2%). For Newquay, a 2% levy would create a ring fenced fund of up to £1.5 million over a five-year term, money that would be managed by the private sector, through a new company set up to deliver the BID programme.
A presentation and discussion evening is being held at The Headland Hotel on Tuesday June 8 at 6pm where businesses can learn more about BIDs and hear what has been achieved in Truro since the BID was introduced there.
Guy Thomas, Newquay’s town centre manager, said: “The BID is a real opportunity for the private and public sector working together to help turn around the fortunes of the town from a commercial aspect. The strength that BIDs have brought to other towns is widely known and for Newquay to have a chance for a similar scheme is fantastic.”
If you have not received an invitation to the presentation evening and your business is over the rateable value threshold of £7.5k and you would like to come along, please contact Mel Richardson, BID Development Officer.