Love Hoddesdon Business Improvement District
In 2017 the Love Hoddesdon Team, made up of local businessmen, supported by Broxbourne Council, established a Business Improvement District (BID) in Hoddesdon town centre. . Business Improvement Districts (BIDs) have been operating successfully across the UK for over a decade and there are many established around the country, principally in town centres (see map below).
A BID is a business-led and business funded body formed to improve a defined commercial area, via a small levy (1.5% in Hoddesdon) based on the rateable value of the business. The benefits of BIDs include:
- Businesses decide and direct what they want for the area
- Businesses are represented and have a voice in issues effecting the area
- BID levy money is ring-fenced for use only in the BID area
The strategic objectives of the love Hoddesdon BID are:
- Managing the town: Ensuring that the daily aspects relating to Hoddesdon town centre are met and dealt with effectively
- Investing in the town: Encouraging growth and development within the town centre by direct investment in a number of high profile schemes.
- Promoting the town: Raising awareness of Hoddesdon throughout Hertfordshire and the local area and wider region .
The Love Hoddesdon BID levy raises around £100k a year from the 200 businesses in the town to fund this work to help local businesses to prosper and attract more shoppers/visitors to the town. It came into effect from Monday, 1st January 2018 for a five year period until 31st December 2022.
For more information contact Tony Cox, the Love Hoddesdon BID Manager on firstname.lastname@example.org