July 1, 2014 at 4:16 pm #54601
A BID has been mentioned and explored to a degree for Wrexham – Chester today has voted for one Chester businesses say ?Yes? to BID – News & Events | CH1 Chester BID
60% of businesses in the proposed area voted.
40% therefore did not partake in the vote.
75% of those who voted were for the idea.
“the ‘Yes’ votes also represented 67% of the total rateable value of all the properties that voted”
The interesting thing on that vote is 33% of the rateable value did not vote or were not in favour of the BID , yet now may have extra tax to pay.
Those with a rateable value of over £18k will pay an extra 1% to collect a pot of £2.5m to spend in the area over the next five years.
The full business plan is on http://cdn.frontburnr.co.uk/uploads/files/ch1/Chester_BID_Busi_Plan_LOW-RES_-_FINAL_for_website.pdf – with an interesting unspecified £230,000 ‘operating cost’ base over those five years.
Would something similar work in Wrexham?July 1, 2014 at 7:12 pm #68334
Unfortunately when a meeting was convened by the Council to look at a BID only about 4 retailers attended making it dead in the water before it even started. Retailers need to have total confidence in their own business and the town as a whole for this type of idea to progress.July 1, 2014 at 9:18 pm #68336
With the much needed rates revaluation being put back to 2017 by the Government, I really can’t see any Wrexham business voting for what is essentially a rate increase.July 9, 2014 at 9:20 am #68332
@kida 13764 wrote:
With the much needed rates revaluation being put back to 2017 by the Government, I really can’t see any Wrexham business voting for what is essentially a rate increase.
Talking to a few people around town there is very little appetite for this – however one did suggest a trust model so less official in terms of tax collecting but perhaps that could be its downfall.July 9, 2014 at 11:46 am #68333
Mixed feelings on this.
Business Rates do need to fall in Wrexham, that is for sure. They were set at the peak of rents and before Eagles Meadow opened. I couldn’t actually believe it when, a month ago, the Wrexham Rates Assessment Office re-rated my shop upwards.
The BID in Chester is triggered at £18,000 which would exclude most of Wrexham’s peripheral Indies. I wonder if the vote was supported by the excluded who will gain a benefit from the pot but won’t pay? Anyone know?
I would have to see the specific detail on the table and the mechanism to spend the pot. I’m sure that there could be some formula developed to do a comparableJuly 9, 2014 at 5:32 pm #68335
The biggest difference between Chester and Wrexham is that their empty shop rate is far below Wrexham with almost 92% across the city.
In a buoyant retail environment businesses will invest in such a scheme as they see this as an added incentive.
The key driver is confidence in your business and the future of the area- unfortunately many business owners in Wrexham don’t have that level of confidence.
Complaint? Please use the report post tools or contact Wrexham.com .
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