Business Improvement Districts have proven to be an effective way in which businesses can take control and improve their trading environment.
You as a business will have the opportunity to identify projects that you want to introduce and be given a say in how your money is spent through the Newmarket BID.
BIDs are an arrangement whereby businesses come together and decide which improvements they feel could be made in their town or city centre, and also how they will implement these improvements and what it will cost them. BIDs are financed and controlled by the businesses within the selected area. BIDs can run for a maximum of five years and during this time they must be able to show that they are benefitting the businesses, which fund it.
It’s up to you as a business to help shape what the BID in Newmarket might deliver. BIDs can deliver any projects or services that are agreed by the businesses in the BID area. These projects must go over and above anything that is already provided through business rates and by the local authority.
The aims of a BID are outlined by the businesses in the area, primarily through a survey, which was conducted in 2015. The priorities for the Newmarket BID were then collated and local businesses were invited to attend one of a series of informal business meetings where there was an update on the progress of the BID and where traders were able to ask questions and give feedback – this is part of the detailed consultation phase. The Task Group – made up of businesses in the area – then assisted in producing a business plan, which was distributed in early 2016.