In August 2016, businesses in Bridgend Town Centre voted overwhelmingly in favour of establishing a Business Improvement District (BID). This is a business led and funded initiative, which will raise £480,000 of investment for Bridgend over the next three years, to be spent on key projects to improve the Town Centre. The aim is to increase footfall and the vibrancy of Bridgend.
Click here to view the BID BALLOT RESULTS.
Bridgend is the eleventh BID in Wales, joining Swansea, Merthyr Tydfil, Newport and most recently Caernarfon, Bangor, Colwyn Bay, Neath, Llanelli, Pontypridd and Aberystwyth. A BID company, named CF31, will be formed. CF31 will be a business-led and funded initiative that will invest funding back into the defined BID area on projects and services designed to make our town centre more vibrant.
Click here to find out more – BID PROPOSAL.
Businesses included are those within the defined BID boundary, click here to see the BID BOUNDARY MAP, that have a total rateable value of £6,000 and above.
The bid area includes the following streets:
Adare Street, Angel Street, Boulevard de Villenave d’Ornon, Brackla Street, Brewery Lane, Caroline Street, Cheapside, Court Road, Cross Street, Derwen Road, Dunraven Place, Elder Street, Langenau Strasse, Market Street, Merthyr Mawr Road North, Nolton Street, Quarella Road, Queen Street, Station Hill, The Rhiw, The Rhiw Centre, Water Street and Wyndham Street.
What is a BID?
A BID is formed following consultation and a ballot in which businesses vote on a BID Proposal or business plan for the area.
If a ballot is successful, it is then managed and operated by a BID Company – a non-profit company run by and for its members – and is funded through the BID levy, which is a small percentage of a businesses’ total rateable value, before any rates discount.
The improvements made by a BID are determined by businesses themselves and are additional to services provided by the local authority. They can include wide-ranging projects such as business support, improved infrastructure, visitor services, free car parking, vehicle accessibility, area branding, promotions and cultural activities.
Benefits of BIDs:
A proactive, flexible and accountable approach, where businesses set priorities for local investment in the place where they do business.
Complementary benefits of partnership, such as supporting local supply chains and building local confidence in economic development.
For more information on BIDs visit the British BIDs website