Business News
Southend Business Bid
Businesses from Southend town centre and the seafront are going to the polls to decide if they want to become a self-governing Business Improvement District (BID).
Becoming a BID will give the participating firms the power to choose where their money is invested to improve local amenities, services and events to attract more customers.
A BID is a partnership between the local business community and the local authority (here, Southend Council) within a specific commercial area. All the tenants have the opportunity to vote and if more than 51% approve a 5-year plan, then all the commercial ratepayers in that area will contribute a levy through their business rates.
The current model being investigated for Southend is a levy of 1.5% that could provide £2.5 million of new private sector funding over the 5 year lifetime of the BID.
More than one hundred and thirty BIDs have already been established throughout the UK, including four in Essex (Witham, Hainault, Ilford and Rainham). They have also already proved successful in other coastal resorts similar to Southend, such as Blackpool, Brighton, Torquay and Great Yarmouth (now on its second 5-year term).
There are four areas of investment being suggested for the Southend BID - Safety & Security, Environment & Cleaning, Events & Marketing and Voice for Local Business.
Information packs and ballot papers will be posted to all businesses in the prospective BID area and the final vote will be early in the New Year.
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