A one and a quarter percent (1.25%) levy will be charged to each and every qualifying ratepayer, regardless of how they voted, using the most current Non-Domestic Ratings list to calculate the amount payable. The BID levy will be set by 1st September each year based on the most current Non-Domestic Ratings list. It will be updated for any changes in ratepayer, appeals, additions or removals.
The BID levy will have to be paid by any new ratepayer occupying any existing hereditaments within the BID area up until the end of the five year term, even though they did not vote on the initial proposal. Likewise, any new rateable property created during the lifetime of the BID will be obliged to pay the levy provided they are within the BID boundary. If a business ratepayer occupies premises for less than one year, the amount of BID levy payable will be calculated on a daily basis. What’s the timetable for the BID? Again, subject to the outcome of the ballot, the Ulverston BID will start in September 2015 and will last for a period of 5 years.
Under the Business Improvement District (England) Regulations 2004, South Lakeland District Council will be responsible for collection of the levy on behalf of the Ulverston BID Company. The levy income will be kept in a separate ring-fenced (“Revenue”) account and transferred to the Ulverston BID Company on an agreed and regular basis. Collection and enforcement arrangements will be similar to those for the collection and enforcement of Non-Domestic Business Rates with the Board of the Ulverston BID Company responsible for any debt write off. To keep collection costs to a minimum bills will be issued annually.
What’s in it for you? The BID proposal is timely, by seeking to maximise the benefits from exciting plans for investment by local employers which will in turn expand opportunities for well paid, skilled employment in the town. Ulverston must be competitive in the labour market, as a desirable place to live and work, and rise to the challenge to attract additional skilled labour to the town.
This presents an exciting and extraordinary opportunity for the town and one which would benefit from an Ulverston BID acting as the catalyst to stimulate wider economic activity and growth in the town, creating a potentially sustainable source of revenue to convert words into actions - “to walk the talk”.
Success will be dependent on the BID harnessing the energy and creativity of around 400 businesses, and persuading the overwhelming majority of them to collaborate. It will also assume that any actions to be taken to improve the trading environment are well considered, informed by best practice elsewhere and capable of generating a new found confidence in Ulverston.