Wimbledon starts the BID process
At a recent Wimbledon Business Forum, local businesses were given the opportunity to influence a 5 year Business Plan for Wimbledon that will lead to detailed planning for a Business Improvement District (BID) for Wimbledon town centre to be in place by April 2012.
The proposed BID area outline (seen in the image below) reaches right across the main commercial centre of Wimbledon and counts on the support of many local businesses including leading lights such as Elys and Centre Court Shopping.
David James, Managing Director of Elys, is a core supporter and says “Our experience of BIDs in other town centres is that they add value and contribute significantly in creating an environment that businesses in the area can thrive in so I am very excited about Wimbledon’s prospects!”
What is a BID?
A Business Improvement District is a precisely defined geographical area within which the businesses have voted to invest collectively in local improvements to enhance their trading environment.
BIDs do not affect the level or quality of service provided by the local authority to the area. A BID is initiated, financed and led by the commercial sector, providing additional or improved services as identified and requested by local businesses, to the baseline services provided by the local authority in that area.
With BIDs already established in Kingston and Croydon and another one due soon in Sutton, the Wimbledon Town Centre Management Board has decided that Wimbledon must forge ahead with its own plans.
What are the benefits of a BID?
Benefits for the community are generally seen as:
Produces economic well being and economic growth in area Attracts inward investment Gives competitive regional advantage Produces social well being / improves quality of life Develops partnership between private & public sector Encourages corporate social responsibility Provides sustainable investment for ongoing capital projects/services Creates a positive sense of place and enhanced feeling of safety and well-being - provides community pride
How does a BID get approved?
Well, getting the local businesses to draw up a business plan for the intended area is the first step. Once this is established, the BID is then put to ballot. In order to be successful, the results most meet two conditions.
If successful, the BID will be established as a legal company and a management committee from within the participating businesses will be elected to monitor progress against the business plan.
Any questions regarding the BID process should be directed to the Merton Chamber of Commerce who are working tireslessly on behalf of The Wimbledon Town Centre Management and key local businesses to bring the BID to fruition.
