Back in February 2012, more than six hundred Waterfront businesses advised on the creation of a Waterfront business plan and were invited to take part in a ballot to establish a Waterfront Business Improvement District (BID). The majority of businesses voted in favour of creating the Waterfront BID, agreeing to contribute a Levy of 1.5% of business rates (set at April 2010) on an annual basis. This contribution would ensure delivery of the Waterfront business plan.
The Waterfront BID encompasses three square miles of the primary visitor economy area of the city and represents more than six hundred businesses within its geographical boundary. The business plan sets out forty-two projects for delivery and four years on almost ninety per cent, or thirty seven projects, have been achieved. We’ve enclosed some BID information to share with you how your money has contributed.
More than two hundred business driven BIDs currently exist across the UK operating across five year terms; BIDs work really well in delivering time bound projects within clearly defined budgets and strict geographical areas.
Plymouth has two BIDs representing more than twelve hundred businesses across seven different sectors, unifying the private sector voice and working in close partnership with Plymouth City Council. Your Waterfront BID is delivering well, positioning and prioritising the Waterfront at the heart of Plymouth and achieving significant wins for the area.
The Waterfront BID has one year left to operate so we’ve begun reviewing further project ideas and started to scope out a second five year term for Waterfront BID2 (2017-2022), including the Mayflower400 celebrations in 2020.
To download a copy of the newsletter and additional information posted to members in January 2016, click on the document names: PWP Newsletter JAN 2016; BID Questionnaire JAN 2016; PWP SPEND INFORGRAPHIC JAN 2016