A PROPOSAL to enhance Okehampton and the surrounding area through the creation of an innovative new business scheme has taken a step forward.

The town's Businesses Improvement District (BID) scheme is being spearheaded by a steering group of six local businesspeople in conjunction with the Devon Renaissance (DR) Company.

The steering group is working to find the initial funding for the development of the BID plan — a BID is a partnership between a local authority and the local business community to develop projects and services that will benefit the trading environment within a set area.

It is funded by a levy on the businesses within the BID boundary, but is dependent on support from at least 75% of those businesses.

A BID can only be formed following a consultation period and a ballot in which businesses vote on a BID proposal or business plan for the area. The vote is open to all businesses within the proposed BID area which are eligible to pay the levy.

To ensure that the interests of both large and small businesses are considered the ballot must be won on both numerical majority and also by rateable value majority.

The money would be collected by the borough council and would be paid into a ring-fenced BID account.

The Okehampton BID looks to include all businesses, stretching from the Exeter Road Industrial Estate to the opposite end of town. It also looks to include the Okehampton Hamlets and businesses near to the town.

Potential benefits for businesses in the BID include sudsidised advertising rates, reduced rate parking at some car parks, discounted goods and services, including insurance and utilities, and increased security measures to reduce losses.

Significant funding for the BID has already been received from Devon County Council, West Devon Borough Council, Okehampton Town Council, Greater Dartmoor Leaf, and other organisations.

The steering group is seeking donations from the chamber of trade, Okehampton United Charities and Okehampton Hamlets Parish Council to complete the funding pot necessary to advance the BID.

Tim Beavon from the DR Company said: 'The BID idea came from discussions at the Okehampton Works sessions, and builds on a survey of local businesses carried out by Okehampton Business Centre.

'It is a lengthy development process from start to finish that takes about a year to complete. We are hoping to start in February 2012 provided that the funding necessary falls into place.

'We have had very positive responses so far from the organisations we are looking for funding from, so we're hopeful to get started as soon as possible.

'The BID plan is typically based on a five-year plan developed and produced in consultation with businesses in the proposed area. The plan is made of ideas from those businesses, looking at what they feel will benefit them most, and voted upon by the businesses affected by the plan.'

Kay Bickley, chair of the steering group, said: 'A BID is probably the most democratic way to move forward in respect of business improvement and regeneration for Okehampton as the BID will ask all businesses directly in the BID area for their ideas, and not a select group.

'We have heard positive reports from the Tavistock BID that their first BID supported event, the Dickensian Evening, was well supported and produced an increase in footfall and revenue for businesses, which aside from the enjoyment and public benefit of this major business event, is what it is all about. Our Edwardian Evening could benefit similarly.'

The team behind the BID will hold a series of public meetings for businesses and the community in the new year, inviting keynote speakers from successful BIDs across the UK to discuss the intricacies of the scheme.