A PROPOSAL to boost Tavistock through the creation of an innovative new business scheme has taken a step forward.

The Business Improvement District (BID) idea is being spearheaded by Tavistock Chamber of Commerce.

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.

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

Tim Beavon, the former head of economic development at West Devon Borough Council, gave a presentation on the BID principles to chamber members.

Mr Beavon said it would probably take 15 to 18 months to get the BID scheme off the ground in Tavistock.

Mr Beavon said he was experienced in drawing funding from 'all sorts of organisations' and that he had a 'hit list' of possible targets, from which he was very optimistic of obtaining at least 50% of the money required for the initial BID funding.

'There's also the potential of European money, through the

Rural Development Programme. It's aimed at helping development in rural areas — I am very confident there will be elements in our business plan which we can direct towards getting funding from that. It's struggling to spend its money at the moment and it's available until 2013,' said Mr Beavon.

He said the most important thing about a BID was that it was led by businesses and funded by those businesses.

'The system's been around since 2004 and there have been a number of other BIDs that we can learn from. In the time I've been involved in it, it seems to be very friendly, very supportive, and people are very happy to share their experiences.'

Mr Beavon said consulting with the business community and coming up with a business plan for the town that could secure majority backing was key to the success of a BID.

Typically, a five-year plan was drawn up and a company was set up to run the BID.

Mr Beavon said: 'It's not about propping up local authority projects or replacing things, it's about getting more done.'

Nigel Eadie, chamber chairman, said it would be 'incredibly beneficial' for Tavistock to achieve BID status.

'I think we could achieve more in one year than in five or six years — it could really turn around the fortunes of the town,' he said.

Mr Eadie said many retailers could typically spend around several hundred pounds a year on improvement projects like the Christmas lights, or for hanging baskets.

Through a BID, the levy could actually save them money — while the BID company could also top up its assets through applying for grants and match-funding for profits.

He said it was also a more equable system, as multi-national companies which tended not to support individual town projects did get involved in BID programmes.

The meeting heard that Mr Beavon intended to submit a grant application to Greater Dartmoor Leaf for funding as an initial move. A decision could be expected as soon as June.

A consultation exercise will be launched and then the Tavistock BID business plan will be worked upon. The chamber heard that if all went according to plan, the system could be up and running by October 2011.