What is a BID?
A BID is a not for profit company set up by businesses to improve a defined area. It is directed and funded by businesses to make improvements to the trading environment. A BID manager typically deliver’s projects, lobbies on behalf of businesses and negotiates collective deals. A BID is a legal body which can only come into being following a successful ballot. There are 7 other BIDs currently in operation in Cornwall, they are in Newham, Camborne, Falmouth, Newquay, St Ives, Penzance and St Austell.
How does the BID ballot work?
Ballot papers are sent out to all businesses a minimum of 4 weeks before the ballot deadline. It may be that the ballot papers get sent to the local business address or to the Head Office, it all depends on who holds the vote. Once dispatched, the ballot period runs for a minimum of 28 days; your ballot papers, therefore, need to be completed and returned before the deadline. The ballot is administered by Cornwall Council on behalf of BIDs.
Who runs the Truro BID?
The Truro BID is run by the BID Committee consisting of representatives from businesses in the city centre, with an over-arching Board of Directors who represent both Truro and Newham BID. All BID levy paying businesses can put forward a representative to be on the Committee to support how Truro funds are spent.
What area does the BID cover?
The BID covers the core city centre. View BID map.
Who pays the levy?
The levy is payable by all businesses in the BID area with a rateable value of £12,500 or more. All businesses pay the levy if the ballot is positive irrespective of whether they voted for or against the proposals. Please contact us if you are unsure if your business is included.
How long will the BID run for?
Each BID term is 5 years. The BID can then seek renewal by going to ballot again, when businesses will decide whether to renew the BID.
How much is it?
The level of contribution, set by the Truro BID Committee is 1% of the rateable value as at 1st April 2017.
Why do my business rates not cover this?
Business rates are collected by the local authority and handed over to central government who give a proportion back to the local authority. Funds are used for such services as fire and social care. The BID is a privately funded, business led initiative and does not receive funding from the government. Legal agreements with the local authority set out Baseline Agreements that outline what the council provides. Services provided by the BID are guaranteed to be over and above those supplied by the councils' Baseline Agreement. Rather than the resident-driven services that councils tend to provide, the BID can offer services tailored for the business community. View Baseline Agreements
The BID levy is a fund generated from a fixed percentage of a business's rateable value and can be used on any project decided by the businesses, led by the Truro BID Committee, within the BID boundary. The Local Authority is normally the largest contributor of levy within the BID area.
Who decides how the money is spent?
The BID projects are set out in a BID Proposal document (business plan) which is voted on at ballot. View budget.
Who collects the BID levy?
Cornwall Council will collect the BID levy on behalf of the BID into a ring-fenced account and then pass it over to the BID Company. This is due to the work and cost intensive nature of administering a levy system for all businesses in the BID area, and is the same for all other BIDs in Cornwall.