Decision details

To consider the report of the Chief Financial Officer setting out changes to existing Revenue and Capital budgets.

This Item is a standard Item and will remain on the Forward Plan until required.

(i)  Note that the Hampshire Chamber of Commerce has requested a contribution of £50,000 to meet the costs of engaging a 3^rd party consultant to progress the setting up of a Business Improvement District in Southampton.

(ii)  Approve the contribution of £50,000 for this purpose in 2014/15 to be funded from a draw from contingencies. If the BID is successful this contribution will be repaid in full.

1.  A Business Improvement District (BID) is a business led and business funded scheme to improve a defined commercial area.  A BID unifies all businesses to work toward a common goal that will revitalize the area. BID levy money is ring-fenced for use only in the BID area enabling businesses to decide and direct what they want for the area to help increase footfall, drive business growth. The benefits of BIDs  include:

·  Businesses decide and direct what they want for the area:

·  A voice for business in issues effecting the area;

·  Area promotion; and

·  Facilitated networking opportunities with neighbouring businesses.

2.  A previous ‘ballot’ to establish a BID in Southampton in 2009 failed to secure a majority vote and the use of a third party to manage, run and market the BID activity is more likely to secure a majority vote and the successful setting up of a Southampton BID. 

Not to support the request for financial assistance. Without initial financial support to kick start the project, it is unlikely that the BID will proceed successfully.