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Business Improvement Districts (BIDs) are a flexible, innovative funding mechanism that aim to improve a clearly defined commercial area. BIDs involve a levy being paid by defined ratepayers in that area, following a majority vote. The levy, which is usually 1% of rateable value, then becomes mandatory for all defined ratepayers. BIDs usually operate for five years.
Each BID defines its own programme of activity, shaped by extensive consultation with the businesses involved. There are over 100 BIDs within the UK. There are four BIDs in Cornwall.
54% of businesses in the Falmouth BID area took part in the ballot in March 2009. Of these, 70% voted in favour of the scheme, representing a significant majority. The Falmouth BID levy provides £500k over five years to fund a programme of activity designed to improve the trading environment of the town.
