Truro BID voted in for another five years
Truro Business Improvement District is to remain in place for another five years after strong support from businesses that voted.
Of the 252 traders that took part in the ballot, 165 were in favour of the BID continuing – a 65.5 per cent majority.
It means that £1,500 of additional funding has been unlocked over the next five years.
By voting ‘yes’, Truro becomes the 44th BID in the UK to successfully renew. The city was the first place in the Cornwall to develop a BID, with the county now boasting four and others under development.
A total of 59 per cent of Truro’s 428 businesses eligible to vote took part in the ballot.
Neil Scott, manager at Totally Truro, which runs the BID, said: “Today marks an important and exciting new chapter for Truro – I would like to thank our business community for its continued support and investment in our great city. The ongoing success of the BID programme will rely on all businesses working together, sharing their expertise and enthusiasm to maintain and develop Truro’s status as the top retail, leisure and employment centre in Cornwall.”
The renewed Truro BID will begin on October 1 this year, following on immediately from the initial five year term.
The BID is mainly funded through an annual levy equivalent to one per cent of the rateable value of each business in the defined BID area. Funds go into a ring-fenced pot that is in the control of the private sector and managed by Totally Truro.
The company has said that over 60 per cent of all businesses will pay less than £10 per week.
Tony Welford, chairman of Totally Truro, said: “This is a superb achievement and we are delighted that the BID has been successfully renewed. I’d like to thank all the businesses and other organisations who voted to continue the Truro BID for a second term, particularly in these challenging recessionary times. This result shows real spirit amongst Truro businesses to move ahead to a brighter future.”
Totally Truro will now start delivering four new projects, called “events”, “marketing”, “attractive and accessible” and “best for business.”
“Events” will focus on funding Truro’s Christmas lights and delivering “high quality and innovative events, activities, festivals and entertainment” to encourage more visitors and customers into Truro city centre.
“Marketing” looks at building on the marketing projects that have already been achieved through the current BID, reaching new visitors, residents and workers, leading on the development of a ‘brand’ for Truro and encouraging collaborations with major partners, promoting Truro on a national level.
“Attractive and accessible” aims to improve the appearance and presentation of the city centre through projects such as signage, banners, seating, floral displays and planting, as well as making the city “accessible to all” by funding the city’s Shopmobility scheme.
“Best for business” will give businesses in the BID area a voice to lobby the local authority, police and central government where appropriate and help business make savings on their overheads “that will contribute towards paying the BID levy and their general profitability.”