Councillors are calling for Upper Bangor to become a Business Improvement District following the implementation of the scheme on the High Street.
A business improvement district (BID) is a defined area within which businesses pay an additional tax (or levy) in order to fund projects within the district’s boundaries. The BID is often funded primarily through the levy but can also draw on other public and private funding streams.
Bangor is one of nine areas (shared with Caernarfon) that will receive funding from the Welsh Government to make improvements within the designated area.
Business Improvement Districts (BID) have been formed across the UK with up to £1m a year raised in bigger towns and cities to drive economic development – with businesses in control of how the cash is spent.
Businesses vote on a BID Proposal or business plan, and BIDs must seek re-approval after a fixed term, of up to 5 years. The BID levy is typically set at approximately 1-2% of the ratable value. BIDs are business let and see businesses working in partnership to improve the business community in a geographical area.
“Unfortunately Bangor’s BID doesn’t extend as far as our business area in Upper Bangor, and I want to change that, drawing on experience from the High Street to support our area,” said Cllr Rhys Taylor.
“This would make Upper Bangor a welcoming place for visitors and residents, and would keep Upper Bangor as a thriving business community.”
Some of the things that have happened elsewhere are;
- Car parking & Transportation
- Safety & Security
- Marketing/PR & Events
- Supporting & Attracting Business