Peterborough City Council is working with local businesses to develop a Business Improvement District (BID) in Peterborough City Centre.
What is a Business Improvement District (BID)?
BIDs empower local businesses and enable them to create a 5-year business plan of improvements and new initiatives for their area. They are a valuable means of increasing footfall, boosting trade and benefitting businesses, their employees and customers.
Why a BID?
There are 319 established Business Improvement Districts (BIDs) across the UK, with 13 in Birmingham and 50 in London alone. Successful BIDs have already been developed by businesses locally including in Cambridge, Nottingham, Lincoln and Bedford. A BID enables businesses to directly address the issues that matter to them, work collectively to enhance the trading environment, to boost footfall, increase sales turnover, promote business networking and inter-business trading and to work together as an active group to achieve a thriving and strong outward-looking business community.
How are BIDs managed?
BIDs are 100% business-led, business-controlled and business-managed. They are funded by contributions from businesses (there are exclusions and exemptions for certain businesses) in the form of a small levy which is normally set at between 1 - 1.5% of a business premises rateable value (not their business rates). A few local examples of likely BID levy contributions are:
-Spar Shop in Cowgate £270 per annum / £22.50 per month
-Niro Designer Menswear £400 per annum / £33 per month
-Metro Bank £2,460 per annum / £205 per month
The funds raised would be ring-fenced and managed by the BID (a new Board made up of local businesses like yours) to implement the proposals in the business plan that businesses have chosen.
Have your say
To determine priorities for a BID, businesses throughout Peterborough City Centre are being invited to complete this survey and next year a five year business plan will be drawn up with proposals reflecting the needs and ideas of local businesses in Peterborough. Businesses will vote on these proposals at a ballot in 2020.
Get involved
The survey (overleaf) should take no more than 5-10 minutes to complete. You can return in one of the following ways:
1) Scan and email your survey to: survey@queensgatecm.co.uk
2) Complete the survey online at: https://www.surveymonkey.co.uk/r/PBID2
3) There will also be visits to businesses to collect your completed survey
Contact
For more information please contact Mark Broadhead, BID Chairman and Centre Director for Queensgate Shopping Centre email: management@queensgatecm.co.uk
