A BID is developed, managed, and paid for by the business community by means of a compulsory BID levy which meets the costs of delivering a BID Business Plan. This income is supplemented by contributions from external funders including the local authority. All businesses with a rateable value lying within the BID area would contribute through a modest banded scale of charges which
- A BID can only be formed if:
- A minimum of 25% of businesses in the BID area vote in the ballot
- Over 50% of those that vote must vote in favour of a BID
- Those that vote in favour represent over 50% of the total rateable value of the votes cast
How much will it cost and who pays?
Each business will invest a small amount of money which will generate around £100,000 annually. This money can only be spent on projects that will benefit Milngavie town centre and its businesses.
The proposed Levy Investment is calculated as a fee proportionate to the property’s rateable value, and then banded to give an equitable cost to all businesses. The median average rateable value for all properties in the area is £10,500. We believe that £340 is a reasonable amount for the ‘average’ business to invest per annum. The minimum amount is £200 per year, – £4.61 per week, and the most any business will pay has been capped at £5,000 – £ 96.15 per week for the largest multiple retailers.
The smaller your business, the less you pay. To the average sized business the investment per day is about less than the cost of a cup of coffee!
It is important to note that following the YES vote, the Levy Investment will be paid by all eligible businesses within the BID area, including the local authority.
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The Investment Levy will be paid by all those liable to pay non-domestic rates with a rateable valuation of over £1,000.
Charity shops will also pay the BID Investment Levy, since they will benefit from the BID in the same way as other businesses within the BID area.