A Business Improvement District (BID) is an opportunity for businesses to come together, decide what additional improvements they want to make to their location, how they are going to manage and deliver those improvements and what it is they are prepared to pay. This all goes into a formal business plan which is voted on by all businesses who would have to pay. If a majority of those balloted vote yes then the BID comes into effect. A BID can last for a maximum of 5 years and must be able to demonstrate how it has benefited businesses who have funded it.

The towns included in the new Torbay Retail and Tourism Business Improvement District (TRTBID) are Babbacombe, Brixham, Paignton and Torquay.

Businesses in these areas with a Tourism and/or Retail function, will come together to decide what improvements they would like to see happen in the TRTBID area. Initial consultations took place in February and March 2015 and a business plan was written up based on these discussions and decisions.

The business plan includes details on how much each of the projects in the business plan will cost to implement and total sum of money that will need to be raised to achieve the business plan.

All eligible businesses then vote in a ballot that will take place in October 2015 to determine whether the TRTBID will go ahead or not. If the majority vote YES then it will go ahead and ALL will have to pay. If you are in an existing BID such as Babbacombe, Paignton or Torquay and the TRTBID is voted in, you will NOT pay twice.

This funding is used to secure the improvements agreed in the business plan. The TRTBID will last for 5 years and the levy will be paid on an annual basis. In order for a BID to be voted in, over 50% of businesses that vote must vote ‘yes’. As well as this, the businesses that vote ‘yes’ must in total have a greater rateable value than the businesses that vote ‘no’.

The TRTBID Task Group is formed of business owners and representatives from Torbay organisations that as a whole, are representative of businesses in the retail and tourism sectors across Torbay. They will be assisting the project team with administrative and planning support throughout the TRTBID process.

For further information on the TRTBID visit http://trtbid.co.uk/