What is the average cost to Waterfront businesses?
It is estimated a third of businesses will pay less than £100 a year, £1.92 per week. Around half will pay between £100 and £500. Average weekly business cost is £5.97.
How much match funding will there be?
A total of £2.4 million of new match funding will be targeted (including £673,000 contribution from City Council).
How has this BID been drawn up and decisions made on spending?
The Waterfront BID and Waterfront Business Plan have been designed through extensive consultation with the Waterfront business community. The focus is on delivering change which benefits Waterfront businesses and visitors to the area.
Are businesses being asked to pay for services currently delivered by Plymouth City Council?
No. All money contributed through the BID Levy will be spent on new projects identified by businesses.
What is the Council contributing to the BID?
Plymouth City Council has agreed that it will:
Ring-fence £2.7million for services in the BID area over the next five years, with levels of service set and monitored through legal agreements with PWP.
Provide additional cash and in-kind match funding eg. £350,000 revenue stream from PWP management of Waterfront street trading.
Is my business included within the Waterfront BID area?
A boundary map and full list of street names proposed to be included within the BID is available here .
Will my contribution change if the rateable value of my business changes?
Can the Business Plan, BID boundary or Levy percentage be changed after the Ballot?
No, without an Alteration Ballot (other than adjustments for inflation).
How will BID monies be allocated?
In line with the Waterfront Business Plan. Annual delivery plans will be agreed with the Board of Directors, the Advisory Board and the Stakeholder Council.
Will businesses pay for BID administration costs?
No. These will be funded through Plymouth City Council.
Why not have separate BIDs for each area of the Waterfront?
Individual BIDs would be small in scale with high administration costs. Potential for levering additional match funding would also be diluted.
How will the Waterfront BID be managed?
The BID will be managed by the PWP, accountable to BID member businesses.
Will businesses have an on-going say in the way the BID is run?
Yes. We will seek as much engagement with you as possible and actively involve you in key decision making throughout the life of the BID. An Advisory Board and a Stakeholder Council will be created to involve businesses in shaping delivery.
Is the BID limited to generating £6.2m investment?
No. Once in operation, the BID creates a sound platform capable of generating additional investment in excess of £6.2m.
Who else has a Business Improvement District?
There are 110 Business Improvement Districts in the UK, including Falmouth, Taunton, Tavistock, Truro, Newquay, Torquay, Paignton, Bristol, Bath and Plymouth City Centre. 99% of Business Improvement Districts are renewed by business ballot after their first term
For more information please email or call 01752 305424.
BID Frequently Asked Questions