This page explains some of the key elements of the BID and where to get help.
A business improvement district (BID) is a defined area within which businesses are required to pay a percentage levy based on Rateable Values (RV) to fund projects within the district’s boundaries. BIDs are designed to improve the economic performance of an area.
BIDs create significant sums of investment across the UK and participating businesses and employers use the monies they gather through a small levy to pay for improvements that benefit businesses. Typically these include such items as improved public realm, Christmas lighting, special festivals, additional security, CCTV and local discount schemes for customers, local employers and their staff which all provide a better amenity for shoppers, employees and business visitors.
Through joint working BIDs can help businesses make savings by bulk buying services such as utilities, increase opportunities for apprenticeships and work experience, and increase marketing activity to drive footfall and improve the overall perception of the town centre. The overall objective is to improve an area so that all business sectors benefit.
There are now over 250 BIDs in the UK.
In October 2016 Stockport Town Centre businesses gave their resolute backing to making the town centre a Business Improvement District (BID) in a ballot.
Who carried out the BID Ballot in October 2016?
The Stockport Town Centre BID Ballot was carried out by independent electoral services provider UK Engage.
How many businesses voted in the BID ballot and how many voted yes?
A total of 193 businesses took part in the ballot. Of those votes, 125 were in favour, representing 64.7% majority by number.
When did the BID start?
On 1st April 2017
How long will the BID last?
How much money will the BID generate over the 5 year life of the BID?
The Stockport BID will unlock almost £2.5m of funding over the five-year-period
What will the money raised by the BID be spent on?
From 1st April 2017, the funds that are raised by the levy will be spent on projects that the businesses within the BID area themselves have indicated as priorities; which were included in the BID prospectus prior to the ballot.
Can businesses who don’t pay the levy choose to pay a contribution towards the BID?
Businesses on the outskirts of the town, or indeed those within the town under the £10,000 threshold, who will benefit from a more vibrant, successful town centre are invited to contribute £100 to enable more to be achieved.
How will the BID be run and managed?
For the first 6 months of the BID, an Interim BID Board has been established to help get the BID underway. An Interim BID Manager has also been appointed.
Arrangements are currently underway to establish a formal BID board, (through invitations and expressions of interest). Formal recruitment processes are also underway for the appointment of a BID Manager.
What is the levy in the Stockport Town Centre BID area?
Are there any exclusions?
Yes. Businesses with an RV of less than £10,000.
On which RV is the BID levy based?
The BID levy is based on RVs set by the 2010 valuation. This is because the BID Proposal was written before the 2017 values were published. Therefore it was impossible to calculate how much income the BID would have received using the new rateable values.
The BID Proposal on which businesses voted quoted the 2010 Rating List. The ballot started before the new figures were published. If your rateable value had gone up, then the BID levy would have remained fixed to the 2010 Rating list.
How do I pay the BID Levy?
There are 5 different ways you can make payment.
Pay Online – By debit/credit cards on our website: go to www.stockport.gov.uk/payments (Visa, MasterCard, Maestro, Solo, Visa Electron or Delta are accepted)
Pay by Phone – Phone our 24 hour payment line on 0161 474 4050. You will need your debit/credit card and Account Number.
Pay by BACS – Send your payment electronically using the BACS system quoting the Council’s details: Barclays Bank PLC, sort code: 20-82-13, account number 10840181. Remember to quote your Account Number and send any remittance to firstname.lastname@example.org
Pay by Standing Order – You can set up a standing order at your bank or building society quoting the Council’s details: Barclays Bank PLC, sort code: 20-82-13, account number 10840181. Remember to quote your Account Number as shown on your bill.
Pay by Post – Cheques should be made payable to Stockport Metropolitan Borough Council. Write your Account Number on the back and send to: Technical and Exchequer (Payments), Stockport Metropolitan Borough Council, Town Hall, Stockport, SK1 3XE.
Who collects the levy?
Under the BID legislation, the Local Authority is required to collect the BID levy on behalf of the BID. The collected levy funds are handed over to the BID under an agreed ‘Operational Agreement’.
How do I report a change to my liability?
If you no longer occupy a property within the BID area, or have just become liable for one, please contact the Business Rates team at Stockport Council. Please see www.stockport.gov.uk/topic/business-rates for more information.
Who do I contact for more information?
For more information regarding the BID please contact Totally Stockport on 0161 244 9896 or send an email to email@example.com