The Falmouth Business Improvement District (BID) has secured a fourth term.
The fourth, five-year term will start on April 1 and follows the current third term, after a 90% and 87% yes endorsement by Falmouth’s business community.
Over the past 20 years, BIDs have become a vital avenue of support and investment for high streets across the UK. There are now 335 in operation – including eight in Cornwall, contributing around £150 million into the British economy each year.
BIDs are backed by a Government legislative framework and at ballot require a majority yes (over 50%) on two criteria: by number of votes and by rateable value. And as highlighted, Falmouth BID secured 90% Yes by Rateable Value and 87% Yes by Number of Votes, representing the strongest mandate since its inception in 2009.
Town Mayor of Falmouth, Councillor Kirstie Edwards said: “This really is great news. It’s a very challenging trading environment but the BID and Town Team resource has been a crucial point of difference for our town over many years. The range of community projects, festivals, campaigns and more, has been exceptional and especially so, given the modest resources available.
“I’m delighted that so many businesses have recognised the efforts with their strong endorsement of the Falmouth BID at the recent ballot. I look forward to more proactive schemes being delivered in 2024 and beyond.”
BID manager, Richard Wilcox, added: “We are delighted that the business community has continued to back and support so strongly, the work of the BID and Town Team. We know how tough the past few years has been for our business community, so this endorsement serves to strengthen our support efforts.
“There’s no resting on laurels however, as we look to continue our work with the Town Council and other proactive local organisations, in the delivery of innovative projects and initiatives that continue to position our special coastal town as a must place to visit and invest in.”