WHAT IS OSWESTRY BID?

‘a business-led and business funded body formed to improve a defined commercial area’

A Business Improvement District (BID) is "a designated zone or area in which businesses benefit from a wide range of additional services over and above those funded through the standard commercial rates and council services".

Obviously the benefits a BID brings to the defined area can vary but a BID is a powerful, independent voice representing the interests of a varied community of organisations, committed to working together to ensure that the area continues to progress whilst providing the best possible trading and working environment for its occupiers and broader community.

  • Businesses decide and direct what they want for the area
  • Businesses are represented and have a voice in issues effecting the area
  • BID levy money is ring-fenced for use only in the BID area – unlike business rates which are paid in to, and redistributed, by Government
  • Raising the town’s profile increasing footfall
  • Business cost reduction and improved trading environment
  • Increased business growth opportunities
  • Area promotion increasing inward investment and growth
  • Improved staff recruitment and retention for local businesses
  • Facilitated networking opportunities with neighbouring businesses
  • Assistance in dealing with the Council, Police and other public bodies

How is BID Formed?

  • A BID can only be formed following consultation with the businesses in the area
  • A ballot is run for the defined area and businesses vote on a BID Proposal and Business Plan.
  • The Local Authority or an agency outsourced by the Local Authority run the ballot.
  • All businesses eligible to pay the levy are balloted for a minimum of 28 days.
  • A BID goes ahead only if the ballot to be won on two counts: straight majority and majority of rateable value. This
  • ensures that the interests of large and small businesses are protected.
  • There is no minimum turnout threshold.
  • If the ballot outcome is positive a BID is formed.

WHO RUNS THE BID?

The businesses will decide who runs the not-for-profit BID Company and who will sits on its board and oversees its delivery.

Revenue for a BID derives from an Investment Levy on the rateable value (RV) of the business in the defined BID Area. In Oswestry there are over 730 hereditaments paying Non-Domestic Council Tax with a total rateable value of over £16,000,000.00.

The UK average Investment Levy rate across other BID’s is 1.5% of the RV. In Oswestry a YES vote would give the BID company a pool of a little over £200,000.00 per annum to invest in the BID Area to better the trading environment and deliver business benefits.

The over arching aims of a BID is set by the businesses themselves and can include anything beyond and above what the local authority currently provide. Strategic benefits are aimed at collaborative working and at improving the quality of the trading environment for the businesses, visitors and employees within it as well as providing opportunities to new investors.

However it is important to remember that the BID will not replace the existing services provided by the local authority– these will be bench-marked and monitored by the BID Company to ensure that the money generated through the BID is used for the improvements voted for by the businesses in the BID Area.

16
Jan
Bid Milestone
Launch of Oswestry BID – Proposal & Business Plan

VENUE: Boardroom, North Shropshire College, Oswestry Campus, Shrewsbury Rd, Oswestry, SY11 4QB.

DATE & TIME: Tuesday 16th January 2018 at 5.30pm

5.30pm – 5.45pm
Arrival, drinks and networking

5.45pm – 6.30pm

  • Welcome
  • Background to the BID
  • Key findings
  • Oswestry Businesses
  • The Business Plan
  • ‘The Oswestry BID’
  • Key Dates

6.30pm – 7pm
Drinks, networking and feedback