Investment risk as Shrewsbury BID up for renewal
Shrewsbury's Business Improvement District (BID) and partners have invested £1.6 million into projects in the town over the last five years, according to figures released today.
But the BID is nearing the end of its five year term, and if it is not successfully renewed Shrewsbury town centre would lose investment of about £2 million over the next five years.
BIDs are business-led partnerships which are created through a ballot process to deliver additional services to local businesses.
A BID is a defined area in which a levy is charged on all business rate payers in addition to their business rates bill.
The levy collected is then used to develop projects to benefit businesses and improve the trading environment.
Shrewsbury BID is an independent, not-for-profit company, dedicated to delivering projects, programmes and services that improve the trading environment for businesses in Shrewsbury town centre, which has about 500 members.
A ballot of all businesses within the defined BID area will take place from September 27 to October 25 where businesses will be asked to vote for or against a second term of the BID which would start next year.
A report set to go to Shropshire Council's cabinet next week says: "The most significant risk faced is if Shrewsbury BID is not successful in its renewal as Shrewsbury town centre would lose investment in the region of £2 million over the course of the next five years.
"Without Shrewsbury BID there would be a significant loss of momentum and activity in the town centre.
"During its first five year term the BID has achieved a great deal against its key project themes, together with a number of major marketing campaigns, significant cost savings for businesses, and strategic development work highlighted most recently with the development of the Shrewsbury Big Town Plan.
"Shrewsbury continues to face increasing competition from nearby towns and cities, retail parks and the internet.
"Shrewsbury BID has made significant achievements in its first term but for the town to remain competitive it needs to continue to deliver projects which attract more people to the town, improves the experience for visitors and supports the business community on key strategic and operational matters."
Shropshire Council has a number of properties within the BID area and the current levy per year is £24,484.
The report recommends that cabinet approves a vote in support of Shrewsbury BID’s continuation in respect of the council’s premises.
