Derby BID unveils business plan
Derby Cathedral Quarter Business Improvement District (BID) has unveiled its plans to build on the award-winning momentum achieved over the past ten years and face the numerous challenges ahead for the next five years.
Representatives from a wide range of businesses gathered at the Derby Museum and Art Gallery this week for the official launch of the BID business plan 2018 – 2023.
Levy paying businesses will soon have the opportunity to vote for the proposals with ballot papers issued on Wednesday 4th October. Voting closes on Thursday 2nd November with the decision announced the following day. Subject to a successful vote, the new BID will start on 1st March 2018.
In order for the proposals set out in this Business Plan to go ahead, a simple majority of those who vote must register a ‘YES’ vote whilst those in favour also have to represent more than 50% of the combined ‘rateable values’ of those who vote. If these two criteria are met, the Business Plan is activated and all businesses in the area will be required to pay the levy.
A levy of 2% of rateable value will apply for businesses with a rateable value of £6,000 and above in the first year, whilst those with a rateable value of between £2,000 and £5,999 will pay a fixed amount of £105. Businesses with a rateable value of less than £2,000 will be exempt from the levy but will be offered the opportunity to be a part of the BID on a voluntary basis subject to a small charge.
The BID budget for the five year programme will be £1.5m – made up of the levy payments and supplemented by voluntary, private and public sector contributions.
Martin Langsdale is chair of the Cathedral Quarter. He said: ““It has taken ten years of hard work by everyone in the Cathedral Quarter to create a successful brand and to ensure the successful delivery of a business-led programme of activity.
“By working together, we have addressed the challenges faced by businesses head on and turned around the fortunes of this area.
“Through it all the Cathedral Quarter has developed into a quality lifestyle destination – outperforming regional and national trends and culminating in the BID’s success in being named both ATCM National BID of the Year and best city location in the Great British High Street Awards in 2016.
“Some may think that, with these accolades under our belt, it is job done and that the momentum would continue under its own steam. I truly believe that this would not be the case.
“If we didn’t have a BID a huge amount of activity that businesses really value will simply stop and we will lose the collective voice that needs to be heard moving forward.
“We therefore need to vote Yes for the BID programme to continue for 2018 to 2023 so that we can build on the momentum that we have gained already, capitalise on the opportunities available to us and meet the challenges that we still face.
“This business plan is the opportunity to take the Cathedral Quarter and individual businesses to another level and to create a destination which others aspire to be part of.”
