Page 19 - OBID Business Plan 2024

Q. What is a Business Improvement District (BID)?

A. A BID is a business-led and business-funded scheme to improve a defined commercial
area.

Q. How will the BID improve my business?

A. BIDs are viewed by many businesses as a fair and affordable way of creating a ring-
fenced fund for up to 5 years that is ‘managed by businesses for businesses.’ The
Okehampton BID would bring an additional £650,000 investment into the town
over the next 5 years to provide additional services and initiatives that support and
promote our area as a destination and drive a prosperous local economy.

Q. Shouldn’t my business rates cover this?

A. Business rates are a property tax collected by the Local Authority which is then
distributed at a national level. The Local Authority spends the allocated funding
on services that are both statutory and discretionary and you have no control over
these spending decisions. All the monies raised from the BID levy will be spent to
the benefit of the BID area.

Q. What will my BID levy be?

A. The BID would apply a 2% levy to the rateable value of business ratepayers within
a defined boundary with premises with rateable values over £4,999. Charities will
receive 50% relief. Please see the full Levy Rules (pages 24-25) for more details.

Visit www.okehamptonbid.co.uk to see a full list of streets located within the BID
boundary.

Q. Who decides what the money is spent on?

A. The BID board and project manager will liaise with businesses to ensure projects in
this business plan are further developed and delivered and progress communicated.

Q. I’ve got more questions, who can I contact?

A. Please use the ‘contact us’ form at www.okehamptonbid.co.uk
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