HOW A BID OPERATES
To become a BID a ballot must be held and the majority of businesses within the boundary must vote in favour, if successful the BID has a mandate over a 5 year period to deliver on the approved business plan. As a business led entity BIDs are funded by businesses that operate within the defined BID boundary.
Each business pays a levy and the funds collected are used to deliver additional benefits and services over and above those at local government level. Improvements are made to the town centre, business support is provided and projects developed and delivered with the purpose of benefitting businesses, residents and visitors and improving the local trading environment.
When a BID is successful in a ballot the collection of a levy from all eligible businesses is mandatory. The levy amount is based on a percentage of the rateable value (NAV) of the property, in Strabane’s case this is set at 1.5%. This is a fair and equitable way of funding additional projects over and above the remit of the local authority.
To find out more about Strabane BID download a copy of our Business Plan