The required statutory mechanism to bring a business improvement district (BID) into operation on the Isle of Wight this September has been triggered by a ‘Yes’ vote – meaning tourism related businesses across the Island will now face paying a levy to the equivalent of 1.75% of their rateable value.
The formation of the UK’s first County-wide BID gives the Isle of Wight a unified stronger voice in tourism at a local, regional and national level, according to Visit Isle of Wight (VIOW).
The ‘Yes’ vote was carried by a 63% vote by hereditament and 75% by rateable value of all those who voted. Therefore, all business categories listed in the Wight BID proposal will now be required to pay the equivalent of 1.75% of their rateable value, which will contribute to the funding of the BID programme for a period of 5 years.
Over the next 3 months VIOW will begin the process of developing a BID governance board and working parties elected from levy payers large and small, representing different visitor economy business sectors. David Thornton and his team look forward to delivering the actions and aims laid out in the WIGHT BID proposals ready for the 2017 season.
Meanwhile Visit Isle of Wight’s summer and autumn current marketing and press activity continues as planned. Work will also commence on securing extra commercial benefits for levy-payers with suppliers and regional, national and international media channels. A voluntary scheme to encourage retailers and other mainland and Island suppliers to support the BID investment plan will also be launched by September.
Visit Isle of Wight say they would like to thank all those who supported the Wight BID, and reinforce its determination to do it’s very best for the whole of the Island’s visitor economy, benefiting all who live and work on the Isle of Wight.
