Stockport BID Proposal FAQs Feb 2016

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• A BID can only be formed following consultation and a ballot in which businesses vote on a BID Proposal or business plan for the area. All businesses eligible to pay the levy are balloted. • In the UK, for a BID to go ahead the ballot must be won on two counts: straight majority and majority of rateable value. This ensures that the interests of large and small businesses are protected. • The BID Proposal will set out businesses’ priorities for improvements and services to be delivered in Stockport, as well as how the BID Company will be managed and operated. • The document becomes legally binding once the ballot is won and will become the framework within which the independent BID Company operates. • A baseline agreement will be made with Stockport Council and other service providers which set out the level of service provision in Stockport. This ensures that any services the BID provides are truly additional. How is a BID set up?
• BIDs are funded through a BID levy, which is a small percentage of a businesses’ rateable value. • Most BID’s charge between 1 and 1.5%. Once a ballot is successful the BID levy is mandatory for all eligible businesses. • The BID levy is collected by the local authority, usually alongside business rates, into a ring-fenced account and passed to the independent BID Company for use on the projects and services set out in the BID proposal. What is the BID levy?
Page 1 and 2: Stockport BID FAQ’s Compiled by
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Page 7 and 8: • BIDs operate for a maximum of f
Page 9 and 10: • We are looking at finding a com
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Page 13 and 14: If you can't vote on the day when t
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Stockport BID Proposal FAQs Feb 2016

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