How does it work?
Area
Geographically, the Business Improvement District (BID) covers the area inside the ring road which not only forms a clear physical boundary but is the area CV One has operated as a town centre management organisation since 1998.
Sectors
The City Centre BID applies to customer-facing businesses where footfall is a key aspect of their trading environment. These customer-facing businesses include shops, bars, restaurants, pubs, estate agents, banks, solicitors, accountants, travel agents and employment agencies.
Length
As the legislation stands, a BID can be in operation for a maximum length of 5 years. The City Centre Renewal Vote BID will run for 5 years from 1 April 2008 to 31 March 2013. Any shorter and it would be impractical to deliver any real, tangible improvements on the investment; it is vitally important to provide continuity for those projects that have been proven to work in maintaining Coventry’s vitality as a visitor centre, and improving public perceptions.
Partnership
CV One, in partnership with the local businesses that make up the Business Improvement District, is in charge of delivery. A sub-committee of the CV One Board will continue to supervise the BID with representatives from each sector included. Quarterly meetings will continue to be held - to which all local BID businesses are invited – to ensure the investment made is on track to deliver on its promises and provide briefing opportunities for other key partners such as the Police and the Local Authority.
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