A Penzance BID has the potential to raise ~£190,000 year for businesses to spend on measures to improve the local trading environment. The BID has a 5 year life after which businesses can decide to renew it for a further 5 years.
The first item on the agenda was to select a Steering Group Chairman. Eventaully, succumbing to pressure, Marcus Wilkinson (Alfred Smiths) agreed to fill the post.
A relatively cautious BID development timetable was agreed with the ballot of businesses expected at the end of 2014.
Click here for British BID’s concise brief on BIDs.
Click here for Josyanne Thatcher’s presentation to the Pz BID SG 5 Sep 13 (Powerpoint)
BIDs have proven to be effective mechanisms for businesses to raise funds to improve the local trading environment. There are 5 town centre BIDs already operating in Cornwall (Truro, Falmouth, Newquay, Camborne and St Austell) with Truro have voted recently for a further 5 year BID programme. Each BID is unique in that it is tailored by local businesses to suit their circumstances and priorities.