Bid Prepares to Ballot Its Members For a Fourth Term

December 20, 2020 6:17 pm

Swansea BID is preparing to ballot its members for a fourth term next years, having played a critical role in supporting Swansea City Centre through the Codid-19 pandemic and supporting businesses on a full range of issues for the last 15 years.

Car parking promotions, rangers by day, taxi marshals by night and graffiti removal are among the many practical projects Swansea BID has put in place since it started in 2006. Now, with the current BID term of office about to come to an end, Swansea Council’s Cabinet is being asked to approve the BID renewal ballot process and support its work for a further five years if another term is secured.

Swansea was the first area in Wales to operate a BID and now there are more than 250 of them around the UK supporting tens of thousands of businesses to do their bit for their local shopping area. Swansea BID was established in August 2006 for an initial term of five years before a successful renewal ballot was held in March 2011 and another five years later. If the latest term is approved, BID will go on generating benefits for the City Centre until 2026.

The BID generates about £465,000 every year through a levy that’s set at 1 percent of the rateable value of all non-domestic premises within the city centre BID area. This equates to about £2.3 million over five years that’s invested back into the city centre through agreed BID projects.

Since the start of the pandemic Swansea BID has been supporting businesses through very tough operating times while helping them implement critically-important Covid-19 safety procedures. BID has also, during its tenure, worked closely alongside Swansea Council,  enabling a large number of projects that have supported its aim to regenerate the City Centre.

If Cabinet gives the green light to the BID renewal ballot process, BID members will get the chance in May next year to vote for a fourth term for the organisation. A BID is a private sector, not-for-profit company that’s elected by businesses or organisations to lead or fund improvements to a defined commercial area such as a town or city centre.

Tags: , , ,