BID FEASIBILITY
BID Feasibility
OBJECTIVE
To assess the viability of a BID in Wickford.
APPROACH
This process starts with a feasibility study, including both desktop research and site visits at different times of the day/week. This information is used to create a Place Audit report of the town centre which helps to provide a deeper understanding of the place.
Business and stakeholder engagement takes place in the area through face to face visits, emails and business workshops. The engagement tends to be based around using the findings of the Place Audit to tease out challenges and opportunities that businesses are passionate about and want to support.
BID modelling is conducted to assess the likely BID area and levy payers, together with viability tests on various options including varying levy rates and potential levy thresholds, caps and discounts.
Business ratings lists are analysed to identify key voters both in terms of multiple voters, major rate payers and head offices. Also using this data to prepare the future voter master list indicating level of support and acting as the basis for the mailing list used to issue the ballot papers.
Projects and services are suggested from the research that has taken place, alongside a draft budget for the BID term and a suggested timetable for a BID ballot.
10-15% of businesses engaged in first round of consultation
50% of businesses engaged with through both round one and round two of business engagement