The announcement that a Business Improvement District could be set up in Bangor is one of the most important developments the city has seen in many years.
The announcement that a Business Improvement District could be set up in Bangor is one of the most important developments the city has seen in many years. With the city centre clearly struggling in recent years from the impact of out of town shopping centres and ongoing delays in the development of Queen's Parade, a group of traders in central Bangor have come together to discuss the possibility of forming a BID.
A BID is a clearly defines area within which businesses unite to form a company that works on their behalf, delivering the projects the businesses want. This can be practical things like street cleansing, graffiti removal or marketing campaigns, and it could involve liaising with the public sector to ensure key issues are addressed.
Once the company is set up, all commercial ratepayers would pay a levy to fund projects that will benefit the businesses in that area which can only be to the good of the city centre. The amount that businesses pay to the BID company will depend on their size, with some micro businesses paying nothing and charities and not-for-profits in line for discounts.
Crucially, if a company is formed it would be in a strong position to seek and raise additional funding for projects within the BID area.
Business Improvement Districts are relatively common in Great Britain but are few and far between in Northern Ireland and the traders who have been involved in the ongoing discussions are to be commended for taking such an innovative step.
Importantly, the discussions which have been ongoing in Bangor represent a broad range of sectors including retail, hospitality, leisure, arts and transport. Most of the members are independent local companies who are rooted in and well known in Bangor and share a vision for the future of the city. The outline boundary of the BID includes the streets adjoining Main Street, High Street, Quay Street, Queen’s Parade – the beating heart of Bangor.
Meetings have now been arranged for early next month at which details will be given on how the new BID would work and a presentation will be given by the managing director of the successful Linen Quarter in Belfast.
This is an innovative and inspirational initiative by the businesses concerned who deserve to be strongly supported by their fellow traders and the public at large who have so much to gain individually and collectively by the revitalisation of Bangor’s city centre.