What is a BID?
A BID is a partnership between a local authority and the business community to develop projects and services that will benefit the trading environment of the town. Through consultation, a range of projects and services will be identified and put into a draft plan.
That draft plan is voted upon by local businesses and if agreed the draft plan is worked up into a fully costed proposal. The fully costed proposal is put to a further vote involving all the businesses in the BID area.
All business ratepayers in the BID area will be entitled to vote on the draft proposals, and to go ahead, more than 50% have to vote 'yes'. Those in favour also must represent at least 50% of the rateable value in the area. If the vote is successful, then the projects are funded through an additional charge to standard business rates.
Find out what would a BID mean for Penrith.
Latest position with the Penrith BID
The shadow board of the BID has agreed a perferred option "zone". The zone takes in the area between New Squares development and Booths.
The next phase of work will see VoP guiding the drafting of a business plan for consultation with local companies and traders. The aim will be to refine and prioritise project which will meet the objective to maximise footfall and spend.
We have agreed to support the principle of creating a BID for Penrith and will be working with the shadow board over the next few months to ensure that the proposal that they make have ever chance of success.
Further information
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Contact: The Economic Regeneration Officer
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Email: econ.dev@eden.gov.uk
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Telephone: 01768 212169
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Address: Town Hall, Penrith, Cumbria CA11 7QF
