Funding The Business Improvement District
Each individual hereditament (the taxable property) that is eligible to pay the levy will have a vote. Some businesses have more that one taxable property. These businesses will have one vote for each property. Whoever is responsible for paying the business rate will be entitled to vote in the ballot. For most properties this will be the business occupier not the property owners.
The BID will publish a Business Plan specifying the estates investment priorities. The vote will be a formal postal ballot organised and managed by independent specialists such as the Electoral Reform Service (www.electoralreform.co.uk).
The BID Levy
Following a vote in favour of the BID East Dorset District , the local billing authority, will collect the, then, mandatory levy from all eligible businesses by a separate invoice. The monies collected would then be passed to the BID for investment in line with the published Business Plan. The local council will not determine the investment priorities although they may choose to align some of their spending with the BID’s. The BID will operate for an initial 5 year period. Over this time it is expected that the BID will be able to invest a minimum of £500,000 into the estates. It is anticipated that the contributions will levy additional funds into the area.