"WHAT WILL IT COST MY BUSINESS?

The cost to each business is worked out on a pro rata basis. ‘This is called the ‘BID LEVY’. The BID levy is paid by the occupiers of a property. All businesses with a Rateable Value over £5,000 will be liable for paying the levy. This is calculated at 2% of the Rateable Value of the property. BIDs can also draw in other voluntary funding, grants and ‘in kind’ contributions to supplement the BID levy.

HOW WERE THE PROJECTS DECIDED?

A BID task force made up of individuals from a cross section of businesses led the consultation on the proposals for a business plan. This took place from October 2022 – Summer 2023. This feedback was collated and transformed into a business plan, which was sent to businesses ahead of the ballot in October 2023 to vote on whether to proceed with a BID for Farnham. The four themes are; Marketing, Promotions and Events; Safe, Clean and Welcome; Business Support and Access and Travel.

HOW DID BUSINESSES VOTE?

A confidential postal vote was held with all the businesses that would pay the BID levy getting a vote. To become a BID a majority of those that vote must be in favour by number and rateable value. Farnham BID was successful in its vote, with 75% of businesses who voted, voting in favour of the BID. A BID has a mandate for a maximum of 5 years after which the BID would need to seek a re-ballot.

HOW IS THE BID MONITORED?

Like any good business plan, specific key performance indicators (KPIs) are set, and performance is monitored against the KPIs by the BID board. The BID Company is answerable to the businesses that pay the BID levy and will be required to monitor and inform its members on its progress towards the agreed KPIs.

HOW MUCH MONEY IS RAISED?

The BID Levy will raise £1.5 million of investment over 5 years to shape the future of the town."