What is the BID?
Lancaster BID Ltd is a not for profit company led by a Management Board comprising largely private sector members which aims to create a more prosperous city centre.
All business properties with a rateable value of £10,000 and above within the BID area will make an investment of 1.5% on a fixed rateable value of their business. The Rateable Value is fixed at 1 April 2016 for the five year period of the BID (i.e 1st April 2016 to 31 March 2021). There are no exemptions or reliefs with the BID levy.
These payments – the BID levy – will generate a budget around £1,195,000 over five years to spend on improving and promoting the city centre as a vibrant and cosmopolitan destination. This money is used to lever in additional support to add value to the levy. The BID was first established on 1st April 2013 and began a new five year term in 2016.
What does my levy pay for?
Your levy payment will be pooled collectively and used to support projects and services agreed by the Management Committee on behalf of you – the contributing businesses.
The BID has much to offer.
We have begun plans to increase footfall and boost customer spend, improve cleansing and environmental measures, and improve marketing and promotion of the BID area. The BID will also provide a budget for special projects to help cover the cost of activity that levy payers themselves want to deliver.
How will we measure success?
Performance measures will be set to track and monitor activity. This is very important to demonstrate that the BID is delivering activity that makes a real difference to your business. After three years you will be asked to vote on the success of the BID and its future.