A business improvement district (BID) is a defined area within which businesses hold a ballot (vote) to pay a levy (an additional tax or fee on top of business rates) that pays to fund improvements in the defined BID area.
InStreatham is funded by an annual levy of 1.5% of rateable value on all eligible businesses.
Everything that the BID company delivers will be new or additional work on top of the council's services it's required to deliver normally. The BID cannot be used to replace existing council, or other public sector, expenditure. This is carefully controlled through a legally-binding Baseline Services Agreement that sets out what the Councils deliver. This can only be changed in consultation with the Board.
No. Because the ballot was successful the levy becomes a statutory requirement with the force of law, However, if the rateable value on your business premises is £20,000, you will pay £300p/a. The levy is discounted for charities at the same rates as business rates. The BID levy will be collected through the current Business Rates system but will be the subject of a separate bill. The levy will be amended on an annual basis in line with inflation, at a rate to be agreed by the inStreatham board.
Most businesses recognise that there are a number of factors affecting their businesses over which they would normally have no control. These could include customer perceptions of the town, parking policy, street management, vacant units and a lack of promotional opportunities to name a few. BIDs provide that control and provides a financial mechanism to enable the business community to act effectively.
All levy-paying businesses in the BID area are invited to join as members. The BID board will recruit and manage the executive team to deliver on the goals identified in this plan.
Voluntary membership of inStreatham BID Limited is open to all businesses outside of the core BID area. Businesses or organisations wishing to become members of BID Limited voluntarily are invited to make an application for membership by contacting the office at email@example.com. Your annual fee will be calculated based on your rateable value and you will be able to benefit from any applicable services.
Company number: 08482462