BID Background
In June 2011, Melton Mowbray Town Centre businesses voted in favour of a Business Improvement District (BID). 174 out of 442 businesses within the BID area voted during the postal ballot period (39% turnout), with the majority of businesses voting in favour of a BID for Melton. 59% voted in favour by number; 62% voted in favour by rateable value.
The BID formally commenced in October 2011 and will last for 5 years, when a ballot will be held in 2016 for the renewal of the Melton Mowbray BID.
Melton Mowbray BID
A Business Improvement District or BID is a precisely defined geographical area, within which the businesses have voted to invest collectively in local improvements to enhance their trading environment.
There are over 100 BIDs in the UK, which are helping businesses local businesses to control how their money is invested, to benefit themselves, their employees, their customers and the physical fabric of the town centre
Businesses have participated in events, surveys, street meetings etc in 2009-11 to shortlist key projects to be delivered by the BID and potentially generate £645,000 over a 5 year period for the town centre. This would be based upon a 1.5% bid levy/banding, on the rateable value of each business within the BID area.
Who pays for a BID?
The BID Levy is paid by the occupiers of a property. This £645,000 income, is based upon a 1.5% levy or £100 banding, upon the rateable value of each businesses within the BID area.
Many BIDs also draw in other voluntary funding, grants and in kind contributions to supplement the BID levy
What benefits will a BID bring to Melton Mowbray?
Increased footfall into the town centre, therefore generating more spend
Raise the profile of Melton Mowbray as a Shopping & Tourist information
Local, regional and national marketing & promotion campaigns
How will the BID be managed?
The Melton BID Company was set up as a not for profit, private limited company in October 2011. In November 17 Board members were elected to become BID Board directors
How is the BID monitored?
Like any good business plan specific key performance indicators (KPI’s) are set and performance is monitored against the KPI’s by the BID board. The BID is answerable to the businesses who pay the BID levy, and will be required to monitor and inform it’s members on its progress towards the agreed KPIs.