An arrangement whereby businesses get together and decide the strategy for:
- the improvements they want to make in the BID area;
- how they will manage and deliver the improvements;
- how improvements are funded.
This information goes into the eventual BID Company business plan which levy-paying businesses had the opportunity to vote on in November 2018.
The health of the retail and tourism economies is very much intertwined, not just for visitors, but for local people and their businesses.
Those visiting the Yorkshire Coast come for our stunning coastline and our amazing attractions, but they also spend money in hotels, shops, restaurants, and cafés.
By bringing together these two sectors, the offer to residents and visitors can be significantly improved and work towards cultivating an economy that thrives 365 days of the year.
The Board is using the Business Plan as a guide to help identify which and how projects and services are going to be delivered and managed.
Funding is required to deliver the projects and services, which is why potential levy-paying businesses were asked to vote in November 2018.
Following a successful ballot, businesses are required to pay the ‘BID Levy’, which is collected by the Local Authority and transferred to the BID Company Account every month.
In addition, BIDs can draw in other voluntary funding, grants, and ‘in-kind’ contributions to supplement the BID levy and we aim to secure an additional 20% over the 5-year term to offset the 14% operating costs.
Yorkshire Coast BID will be in place for 5 years, and by the end of that period, we will clearly show what has been funded along with the relevant outcomes to demonstrate how it has benefitted the businesses that have funded it.
Towards the end of the BID’s 5 year term the consultation process will restart and a further business plan will be created. Levy payers will once again vote on it, and only a successful Yes vote would secure an additional five years.
The BID Levy is 1.5% of your premises’ rateable value.
For the smallest businesses, with a rateable value of £12,000, will pay £180 a year.
The collective levy payments will equate to an additional £1 million of new investment per year for each of the next five years.
These funds will promote the Yorkshire Coast and support businesses to help them thrive in and out of season.
The delivery of the BID will be managed by a not-for-profit company managed by an elected Board of Directors chosen from the businesses that pay the Yorkshire Coast BID levy.
The Yorkshire Coast BID Company is responsible for implementing the business plan, with key performance indicators in place.
The Yorkshire Coast BID cannot, by law, replace or substitute those services provided by your business rates.
The Yorkshire Coast BID has to describe the services already provided by your business rates.
It does this by agreeing Baseline Statements with the relevant public agencies. f you would like to see copies of these, please contact the BID Team.
If you would like to join the BID and contribute to the success of the Yorkshire Coast and BID, you are invited to become a voluntary member.
Here are many reasons why businesses voluntarily join the BID:
If you would like to become a voluntary member, please contact the BID Team to discuss further.
- Feel that the projects/services will benefit their business
- Would like to be a positive contributor to their area/sector beyond standard memberships
- Feel the BID will fulfill corporate social responsibility objectives