<strong>BID</strong> <strong>Sunderland</strong> 30 Empire Theatre The Levy 1. The levy rate to be paid by each property or hereditament is to be calculated as 1.5% of its rateable value as at the ‘chargeable day’ (notionally 1st April each year). 2. Only properties or hereditaments with a rateable value of £15,000 or more will be liable for payment of a levy. 3. Listed buildings, whether occupied or unoccupied, will not be exempted from the levy and will be liable for the full levy that would, otherwise, apply. 4. The number of properties or hereditaments liable for the levy is estimated at 454. 5. The levy rate will be increased by the fixed rate of inflation of 3% per annum. 6. The levy will be charged as one amount annually in advance, with the chargeable period being April to March each year. No refunds will be available on the levy charged. 7. The owners of untenanted properties or hereditaments will be liable for payment of the levy. 8. Occupiers within the Bridges Shopping Centre who are already subject to an additional service charge for management, marketing, security and / or cleaning services will pay a levy equivalent to 1.25% of their ratable value. However, income to the <strong>BID</strong> remains the same as the owners of the Bridges are providing additional funding of 0.25% each year. This arrangement is in common with shopping centres in other <strong>BID</strong>s across the country. 9. A rating revaluation is proposed in 2017, but this or any other revaluation during the term of the <strong>BID</strong> will be ignored for the purposes of calculating the levy. Instead, the rateable value from the time of any such revaluation will be defined as the rateable value within the current ratings list. 10. The exception to this will be any change of use or a physical change to a property or hereditament including inter alia; new construction, merger, subdivision, extension and refurbishment. 11. If, during the term, the rateable value assigned to a property or hereditament falls below £15,000 for whatever reason (either through physical change, change of use, or revaluation arising from the adoption of a revised Rating List), the property or hereditament will be exempt from the levy from the next chargeable period. 12. If, during the term, a property or hereditament with a rateable value which had previously been below £15,000 threshold is assigned a new rateable value which is above £15,000, the property or hereditament will not be liable for the levy from the next chargeable period unless the increase results from a change of use or physical change, as previously described. 13. <strong>Sunderland</strong> City Council will be responsible for collection of the levy and will not charge for doing so. Governance 1. A new not-for-profit Company will be formed to manage the <strong>BID</strong>. 2. Following a ‘yes’ vote an interim <strong>BID</strong> Steering Committee will be nominated to represent levy paying businesses within the <strong>BID</strong> area and such other businesses and stakeholders as required until the <strong>BID</strong> becomes formally operational in April 2014. It is intended that the Chair of this interim Committee will be Andy Bradley, Centre Director of the Bridges Shopping Centre to ensure continuity through this phase from the current <strong>BID</strong> Steering Board. Within the interim period this Committee shall agree the procedure for electing the on-going Committee and suitable rotation policies for membership. Additional members may be co-opted, as required. Nominated representatives from the Council (e.g. the relevant Portfolio Holder, together with a senior council officer acting as an observer) and the Police will not be subject to any election process. 3. The team that has been responsible for developing this <strong>BID</strong> Proposal will be responsible for initial planning and initial implementation in the interim period from ballot to March 2014. During this period, the <strong>BID</strong> Steering Committee will be responsible for the appointment of the operational delivery team for the <strong>BID</strong>. 4. The Committee shall have the ability to vary service delivery and expenditure allocation according to the changing demands of levy payers. However, any change to the <strong>BID</strong> boundary or to the levy rate proposals would require an alteration ballot. 5. <strong>Business</strong>es within the <strong>BID</strong> area whose rateable value is under £15,000, and those outside the area, will be encouraged to support the work of the <strong>BID</strong> through a ‘Friends of the <strong>BID</strong>’ scheme. 6. An agreement in principle, subject to a successful ‘yes’ vote has been reached with <strong>Sunderland</strong> City Council on an Operating Agreement which includes the Council’s baseline services commitments. A copy will be found at www.bidsunderland.co.uk. 7. Notice of the intention to hold a ballot was given to the Secretary of State on 7th March 2013. Notice of Ballot will be sent to participating businesses by <strong>Sunderland</strong> City Council within the required statutory period. www.bidsunderland.co.uk
<strong>BID</strong> <strong>Sunderland</strong> www.bidsunderland.co.uk