What is a BID?
A BID (Business Improvement District) is a business led and business funded body formed to improve a defined area.
Each business within the given zone pays 1.5% of their rateable value into a funding pot once a year. For a business with a rateable value of £8,000, this amounts to £120 a year or £2.31 a week.
In Morecambe, the BID has a funding pot of approx £130,000 per year (excluding extra or match funding from other sources). Businesses then get to decide how this money is spent to improve their town. This would involve ongoing consultation with Morecambe’s businesses to ensure your needs are being met, in ways that you want to see.
This is your BID and you have decided the projects that go into the five year business plan.
On Wednesday 1st October 2014, the new Morecambe BID Steering Group was formed and the following members of the Morecambe Business Community were appointed as representatives.
The Steering Group is an association of organisations and individuals committed to working together in order to improve the trading environment for businesses located in Morecambe Town centre.
Their vision is to improve the economic prosperity of the town centre by providing businesses with the opportunity to directly improve their own trading environment.