What is a BID?
A BID is a precisely-defined geographical area of a town, city, or commercial district, where businesses have voted to invest collectively in local improvements, in addition to those delivered by statutory authorities. They are often, although not exclusively, a partnership arrangement through which the local business community and the statutory authorities can take forward projects, which will benefit the local economy. A BID is not a substitute for central or local government investment, but an additional investment to strengthen the local economy and give local businesses a unified voice. It helps to provide an arena for businesses and local authorities to increase their understanding of each others priorities.
There are now over 50 BIDs in the UK, and Falkirk has the opportunity to be one of the first in Scotland. The feedback from England is that business communities appear to like BIDs and the positive changes they create.
Through a consultation process, the range of projects and services are agreed, which are then put to a democratic vote, involving all the eligible non-domestic ratepayers within the geographically defined area of the BID.
All non-domestic ratepayers located within the BID area are eligible to vote. However, a BID can only be implemented, if 50% by number, and 50% by weight of rateable value, of those who choose to vote, vote in favour of the BID.
If the ballot is successful, the proposed projects detailed in the BID Business Plan will be funded through a compulsory ‘levy’ which will be based on a % (likely to be only 1%) of the businesses rateable value. All businesses within the BID area will be obliged to pay this levy whether they voted in favour or not.
After 3 years, the BID process will be reviewed. Businesses will be given the opportunity to vote in favour of renewing the BID, or if the BID has not delivered, or performed, to the satisfaction of the businesses, it will cease to exist.
Why Falkirk?
According to many businesses, Falkirk is already performing above its weight, so why does it need a BID?
A BID would provide the mechanism for businesses to invest together to improve the long-term trading environment of the town centre.
Falkirk, like many other town centres is increasingly under pressure from the many highly managed shopping developments such as the Gyle, Almondvale, Braehead, the new Antonine centre in Cumbernauld and Silverburn in Pollock. In addition, Falkirk has to compete with the cities of Stirling, Glasgow and Edinburgh and other retail destinations such as factory outlets.
A BID would allow Falkirk to retain and improve its competitive advantage in a sustainable, proactive, and managed way, enabling the town to build on its current success.
What area will the BID cover?
In total, there are approximately 500 businesses located within the proposed Falkirk town centre Business Improvement District. The BID boundary, incorporates the traditional core of the town centre, from Garrison Place in the north of the town, Cow Wind in the south, West Bridge Street to the west and Callendar Riggs, including the Bus Station to the east.
Falkirk Town Centre highlighting the BID area in red
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