Plan to boost Cardiff economy launched by businesses
Posted: Wed Feb 10, 2016 12:58 pmProposals for businesses to raise more than £1.5m a year for Cardiff city centre will be launched on Wednesday.
Firms have spent six months developing a plan of more than 30 ideas for Cardiff to become a Business Improvement District (BID).
Business rate payers in the BID area would be charged a levy to develop projects to boost the local economy.
Nearly 1,000 premises will be sent the plans, aimed to encourage people to visit more, stay longer and invest.
Businesses subject to the levy would vote in a ballot to determine whether or not the scheme goes ahead
http://www.bbc.co.uk/news/uk-wales-sout ... s-35534857
A bid to improve Cardiff's city centre economy will be launched this morning as businesses are asked to consider plans for a Business Improvement District (BID).
Over the past six months, businesses located within the capital have been working to develop a proposal for a city centre BID.
Cardiff is one of a handful of UK cities currently without a BID, yet it has the potential to become one of the largest BID areas in the country investing £7.5m in business priorities over an initial five year period.
A Task Group, reflecting the makeup of the city centre businesses, has prepared a draft business plan setting out ideas for businesses to self-fund projects, for the benefit of all businesses.
Read more: Should businesses in Cardiff city centre pay more to improve the area? Councillors set to discuss new initiative
30 plans from businesses
There are more than 30 ideas included in the plan, and these have come directly from city centre businesses during numerous consultations and discussions over the last six months.
The plan explains how the BID will focus on encouraging people to visit more often, stay longer and invest more in the city centre.
The Hayes will be at the centre of the BID
There are three key themes - making the city centre more welcoming, vibrant and influential. The plan will work with all business sectors to enhance the overall experience for city centre visitors, shoppers, students and workers alike.
Read more: Former Newport Passport Office to become home to pole dancing exercise studio
While Cardiff is one of the UK’s fastest growing cities, with a rising population, new development and investment, the proposed Cardiff BID is a key piece in the jigsaw, which opens the door for all business sectors to work together, with their own funds, to make city centre wide improvements.
Ballot in June
BIDS are funded by the businesses within a defined BID area. If these businesses vote yes for the BID, in a ballot scheduled for June, this will raise more than £1.5m per year for five years, equating to £7.5m to deliver the improvements that will directly benefit business and the city.
If the BID vote is successful, all eligible businesses will pay a levy of around 1% of the rateable value of the business. Smaller businesses with a rateable value of less than £25,000, it is proposed, will be exempt from paying the levy.
Read more: Bangor and Caernarfon businesses chip in to set up Business Improvement Districts in the two towns
The BID levy is an investment and typically for every £1 invested, businesses can expect to see a £3 return.
All 970 eligible business premises located within the proposed BID area are receiving a copy of the draft business plan in the post over the next few weeks.
The BID Task Group hope the ideas in this draft plan will prompt greater discussion and generate even more views from businesses and leading towards a ballot of businesses and a yes vote in June.
Two business meetings are scheduled to discuss the draft plan, one for 8am and another for 6pm on Thursday 25th February in the Motorpoint Arena.
Firms have spent six months developing a plan of more than 30 ideas for Cardiff to become a Business Improvement District (BID).
Business rate payers in the BID area would be charged a levy to develop projects to boost the local economy.
Nearly 1,000 premises will be sent the plans, aimed to encourage people to visit more, stay longer and invest.
Businesses subject to the levy would vote in a ballot to determine whether or not the scheme goes ahead
http://www.bbc.co.uk/news/uk-wales-sout ... s-35534857
A bid to improve Cardiff's city centre economy will be launched this morning as businesses are asked to consider plans for a Business Improvement District (BID).
Over the past six months, businesses located within the capital have been working to develop a proposal for a city centre BID.
Cardiff is one of a handful of UK cities currently without a BID, yet it has the potential to become one of the largest BID areas in the country investing £7.5m in business priorities over an initial five year period.
A Task Group, reflecting the makeup of the city centre businesses, has prepared a draft business plan setting out ideas for businesses to self-fund projects, for the benefit of all businesses.
Read more: Should businesses in Cardiff city centre pay more to improve the area? Councillors set to discuss new initiative
30 plans from businesses
There are more than 30 ideas included in the plan, and these have come directly from city centre businesses during numerous consultations and discussions over the last six months.
The plan explains how the BID will focus on encouraging people to visit more often, stay longer and invest more in the city centre.
The Hayes will be at the centre of the BID
There are three key themes - making the city centre more welcoming, vibrant and influential. The plan will work with all business sectors to enhance the overall experience for city centre visitors, shoppers, students and workers alike.
Read more: Former Newport Passport Office to become home to pole dancing exercise studio
While Cardiff is one of the UK’s fastest growing cities, with a rising population, new development and investment, the proposed Cardiff BID is a key piece in the jigsaw, which opens the door for all business sectors to work together, with their own funds, to make city centre wide improvements.
Ballot in June
BIDS are funded by the businesses within a defined BID area. If these businesses vote yes for the BID, in a ballot scheduled for June, this will raise more than £1.5m per year for five years, equating to £7.5m to deliver the improvements that will directly benefit business and the city.
If the BID vote is successful, all eligible businesses will pay a levy of around 1% of the rateable value of the business. Smaller businesses with a rateable value of less than £25,000, it is proposed, will be exempt from paying the levy.
Read more: Bangor and Caernarfon businesses chip in to set up Business Improvement Districts in the two towns
The BID levy is an investment and typically for every £1 invested, businesses can expect to see a £3 return.
All 970 eligible business premises located within the proposed BID area are receiving a copy of the draft business plan in the post over the next few weeks.
The BID Task Group hope the ideas in this draft plan will prompt greater discussion and generate even more views from businesses and leading towards a ballot of businesses and a yes vote in June.
Two business meetings are scheduled to discuss the draft plan, one for 8am and another for 6pm on Thursday 25th February in the Motorpoint Arena.