After 6 months of business consultations, followed by a 4 week period of voting, Truro businesses have voted overwhelmingly to continue the Truro BID for further five years, beginning on 1 October 2017.
This will only enhance the business community moving forward to promote Truro in a positive manner
id Weeks, Mallett’s Home Hardware
73% of member businesses – representing 80% of the rateable value elected to remain as a BID, representing the strongest BID endorsement for Truro in the past 3 terms.
A Business Improvement District (BID) scheme is a business led initiative supported by government legislation which gives local businesses the power to ‘raise funds locally to be spent locally’ on improving their trading environment.
The business-led, not-for-profit company Truro BID, is responsible for delivering a number of projects designed to improve the trading environment of Truro creating a vibrant, well connected, well marketed and well-presented city centre.
The BID programme is primarily funded by the private sector although any non-domestic rate payer will be eligible to pay including organisations in the public or voluntary sector that have premises within a defined boundary. For Truro’s third term, a levy on non-domestic rates will be based on 1% of the rateable value of the premises against the new ratings 2017 list. The total income generated through the levy will be £1.4m over the 5 years.
Alun Jones, Truro BID Manager said, “The team and I are absolutely thrilled that we have received a majority vote in support of the BID from the Truro business community. We have listened to their priorities and are confident and eager to deliver a new 5 year business plan that is going to enhance this great little city even further.”
We look forward to collaborating on some exciting future projects that will not only increase the profile of the city
Julien Boast, Director for the Hall for Cornwall
I think the next five year term could be the most exciting and productive yet.
Kristian Fleming, owner at Inhabit, Green Street
The new five-year period will begin on 1 October 2017 and £1.4million will be invested in Truro city centre during this time.