A Business Improvement District is a business led and funded organisation that will raise an investment pot for Aberystwyth town centre of over £700k over five years, from a levy of 1.25% of the rateable value of eligible businesses. This money will be spent on a targeted programme of beneficial projects that will positively help us to ensure that Aberystwyth has the best chance of success in these challenging times and make a real difference over five years.
A BID can only be set up after a democratic ballot of all businesses in the proposed BID area. Businesses vote on a proposal that sets out the programme of services and improvements the BID intends to deliver. The BID programme will be developed to respond to the issues identified by businesses within the BID area.
If the majority vote ‘yes’ to a BID, a new ‘not for profit’ company will be formed – managed by a voluntary board of business people – which collects a levy from all eligible businesses. These contributions go towards funding the BID’s services and improvements.
BID services have to be in addition to the services provided by the council, the police and others. Advancing Aberystwyth will:
Improve access and connectivity in and around the town.
Strengthen relationships between the private and public sectors.
Develop a stronger business community.
Enhance our town’s offering.
Build upon the town’s reputation for entertainment with a programme of vibrant events.