07 August 2008
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Who is funding the development of the BID?
Edinburgh, along with 5 other locations in Scotland, secured seedcorn funding from the Scottish Executive to assist in the development of the BID proposal. In March 2007, The City of Edinburgh Council pledged financial support for the development of the BID and HBOS became the BID’s first private sector sponsor.
Once the ballot on the BID has been held, the services delivered by the BID will be paid for by the levy collected from businesses in the area. The Council has committed to covering the costs of running the BID company in year 1, and in principle in later years, so the levy will only be used for services delivered in the area. Other sources of funding are also being sought, with property experts GVA Grimley already committing money to Essential Edinburgh.
HBOS' support for the BID
Roger Littlewood of HBOS Group Property explains why they are giving financial support to the development of Edinburgh's BID:
"BIDs are driven by business; administered by a dedicated specialist team; governed by an independent Board comprising a cross-section of stakeholders &, appropriately, supported by the local authority.
They're focussed on specific identified issues within a defined business plan & require to be elected by businesses located within the BID area. They deliver good value for money, actively ensuring that monies raised from the BID levy are directed at schemes which will have instant impact & which will encourage customers & enhance business return.
They're fully accountable for their actions & expenditure, & all seek to improve the trading environment which will ultimately benefit the entire community & help to restore some good old-fashioned "civic pride"!
Naturally HBOS, like other businesses, need to outline our own criteria for supporting each BID but this is broadly in line with all business & customers requirements: we want a clean, safe, secure, attractive, accessible & inviting trading environment which our customers & staff can rely upon.
BIDs deliver. In particular, we are confident that the proposed Edinburgh pathfinder BID will also deliver in every respect; that's why we are pledging our support to the BID campaign. Naturally, we are keen to support business generation in our home city & consider that the creation & establishment of the BID will not only sustain, but also enhance, the trading environment within the city".