Businesses in Dundee are being asked to invest £15,000 to launch a scheme to transform the city centre.
DD One, formerly the City Centre Action Group, is trying to get the city centre turned into a business improvement district (BID) to ensure it remains one of Scotland’s leading retail destinations.
Businesses in a BID zone pay a levy, proportionate to the size of their company, which is used to pay for improvements to the area.
Dave Doig, chairman of DD One, said if funding is secured and the plan approved by council, then all traders in the city centre are likely to share in the benefits of the area becoming a BID zone.
He said more than 1000 letters have been sent out asking firms for an initial donation to the BIDS project.
The letter states, “The BID will enable Dundee city centre businesses to work together and invest collectively in local improvements to our business environment: this means a better place for us all to work and the potential for increased footfall, consumer spend, reduced crime, enhanced surroundings and external investment.
“Through this joint partnership working we can achieve a strong and shared voice.”
Mr Doig said, “We have sent a letter to everyone in the BID area.
“Part of the process will be to define exactly where it extends to but there are about 1400 businesses we have contacted so far.
“We have applied for a grant from the Scottish Government which should give us around £20,000 and we are looking to raise an additional £10 to £15,000 from private investment.”
Mr Doig added, “Some people initially think it is just another tax but although it is collected by the council, it is passed on to the businesses and they decide how it is spent. It’s basically a common fund raised by businesses and spent by businesses on additional services.”
Mr Doig said that everyone who has invested will be able to choose how best to spend the cash.
“One of the first things we would have to do is a survey of member businesses but it can be things like marketing of improving information for visitors to Dundee before they get here and once they arrive.”
He added, “It’s an investment. If you think how much businesses spend on advertising this will be a very small proportion of that. But if we all pull together then it will be quite a substantial fund.”