What is a Business Improvement District?
A Business Improvement District (BID) is a defined geographical area, where business ratepayers have voted to invest collectively in local improvements that are in addition to those that are already delivered by local statutory bodies. The second term of Newquay BID will see all the businesses within the geographical boundary with a rateable value of £7,500 or over contribute a 1% levy based on the rateable value.
Why does Newquay need a BID?
As a tourist destination, we need to ensure ongoing marketing and promotions to both retain and attract new visitors. We are competing with other regional towns who also have BIDs, who will be using their funding to promote their towns regionally and nationally through digital marketing and flagship events. To preserve the vitality of our town centre and encourage inward investment is crucial in maintaining Newquay as a place to live and work.
At its peak, Newquay sees footfall increase to 275,000 per week during August and it’s crucial that we encourage these visitors to return by investing in our street environment and taking pride in Newquay.
What can a BID do?
A BID can deliver virtually anything its businesses decide they need, as long as it is over and above what the local authority already provides. A BID is an independent, not-for-profit organisation. It cannot carry out any projects or services that statutorily have to be provided by public agencies.
What does Newquay BID do?
Newquay BID has set out its business plan to highlight the vision and objectives, and projects will be worked on for the term.
The key priorities for Newquay BID are as follows;
Creating a more vibrant Newquay
A more welcoming town centre
Improving and supporting businesses
The vision for Newquay BID is to continue to grow Newquay as leading destination for tourism, business and living.
To see the full BID Business Plan for 2016-2021 please click here.