This proposal explains the WIGHT BID, a Business Improvement District (BID) that aims to increase the number of new visitors who come to the Island, encourage them to stay longer and spend more in our Island communities.
The WIGHT BID will also develop initiatives to tackle challenges the Isle of Wight faces in terms of travel, access, product development and market penetration. If you would like to see these plans implemented you will need to vote yes in a postal ballot this summer. If the majority of those voting in the ballot support the proposal, all eligible businesses with a rateable value of £3000 or more will be required to pay an annual levy which will contribute to the funding of the BID programme, for a period of five years.
Additional funds will be raised through sponsorship and voluntary contributions to fund the staff that deliver the programme and provide extra funds to support this plan. These contributions will come from other Island and mainland commercial sectors that also rely on a sustainable tourism economy because they sell products and services to the accommodation and attraction owners, cafés and restaurants.
The proposer of the WIGHT BID is the Island’s award winning destination management organisation Visit Isle of Wight, created by the Chamber of Commerce, Isle of Wight Council and leading Island businesses in 2012. Voting for the BID will also mean changes to the make-up of the board of directors and governance arrangements of Visit Isle of Wight to ensure that the organisation is truly representative of – and accountable to – all levy payers, both big and small.
Levy payers will be regularly updated on how the BID is progressing and consulted as new plans are developed.
The proposed levy is 1.75% of rateable value of each eligible hereditament located on the Isle of Wight listed in the nondomestic rates (NNDR) classifications shown in Appendix A of the document.
The closing date of the postal ballot will be July 12th 2016. Voting papers will be mailed to all proposed levy payers by Isle of Wight Council’s returning officer 28 days in advance.
The BID will raise £371,000 per annum in levy contributions and between £75,000 and £100,000 per year in voluntary contributions.
With the exception of the WIGHT BID sales manager (part-time), none of the levy payer contributions will be used to fund Visit Isle of Wight staff (see page 19 for more details).
Additional sponsorship, commercial revenue, sales and voluntary contributions will be secured by Visit Isle of Wight to pay wage bills and pensions.