New report backs BID
A new scheme could raise more than �165,000 a year to help boost Exmouth traders, according to a new report.
The study into whether Exmouth should have a ‘Business Improvement District’ (BID) has concluded that the town should go ahead with the plans.
It proposes that the scheme should be made up of 630 businesses located in the town centre, along the seafront to Queen’s Drive, and along Exeter Road, including both private businesses and publicly-funded bodies such as East Devon District Council and Devon and Cornwall police.
The BID would see the businesses pay an annual levy of between 1.5 per cent and 1.75 per cent of their rateable value, generating up to �165,669 a year. To distribute this money, the report recommends that a new limited company should be set up, with directors drawn from the business community.
Their aim would be to fund projects which raise the profile of the town, and increase the number of town centre shoppers.
In order for the BID to be set up, a majority of the businesses, by number and rateable value, would have to support the scheme in a ballot.
The scheme would then run for five years before it needed to be renewed.
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The BID will now be considered by the town council this evening (October 3) at 7pm.
If it is approved, the ballot of businesses could be held within a year.