The Board of the BID Company will be representative of the make-up of the business community within the defined BID area and principle business sectors. To ensure that the BID is established effectively, the members of the BID Development Team (see below) will serve as an interim Board until such time as, (within the first three to six months) a full Board of Directors with clearly defined terms of reference, can be elected and brought into place.
The BID Company is a ‘Not for Profit Company Limited by Guarantee’ and therefore any surplus funds must be spent during the agreed 5 year term of the BID on the delivery of the services and projects agreed by you in conjunction with the Board of Directors.
The BID will be managed by a Central Halesowen Town Manager to ensure that all projects are delivered efficiently and effectively and in strict accordance with the aims and objectives set out within this Business Plan.
BID projects, costs and timescales may be altered by the Board of Directors provided any such changes remain in line with the BID‘s overall objectives as set out in the Business Plan. The BID Board of Directors will meet at least six times per year and the BID Company will produce a set of annual accounts. These will be made available as well as an annual report detailing the BID’s achievements and the progress made throughout the year to all levy payers.