Tavistock BID is a business led initiative supported by government legislation which gives businesses the power ‘to raise funds locally to be spent locally’ on improving a defined commercial area.

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Businesses are consulted on what additional improvements they want to make and how they are going to manage and deliver those improvements all of which is embedded into a business plan along with a budget.

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A BID is created when the majority of business ratepayers within that area vote at a formal ballot to support the business plan and to invest collectively via a levy based on the rateable value of their business premises. Many businesses view their BID levy as an investment rather than a cost; that return on investment can be significant in terms of increased footfall, sales and a more appealing area to trade. On top of levy funds, income can also be secured from other sources such as grants.

 

The BID is delivered by an independent, not-for-profit company led by a Board of non-executive Directors, the majority of whom are levy-paying businesses. The Board oversees strategy, performance and delivery to ensure the BID reflects the needs of the business community. The BID is independent from local authorities and other statutory agencies and delivers projects over and above the baseline service provided by them.

 

Unlike business rates, the money doesn’t go to the government; it all remains in Tavistock to be spent on the things that you have identified as priorities.

 

There are now 352 BIDs across the British Isles BIDs contributing over £169 million each year to their business communities representing more than 138,000 businesses.

 

Tavistock BID first became operational in September 2011 investing levy payer’s money into Tavistock. During the past three five-year terms we have worked with you and our partners to deliver a wide range of positive achievements for our town.  These are set out in this business plan.