Here is the list of the most frequently asked questions. If you can’t find the answer contact us here.
WHAT IS SHREWSBURY BUSINESS IMPROVEMENT DISTRICT (BID)?
Shrewsbury Business Improvement District commenced on 1st April 2014 as a business-led and business-funded body, working to improve and promote Shrewsbury town centre as a place to live, work, visit and invest.
As a democratically elected, independent body, Shrewsbury BID enables more than 500 businesses to work collectively to influence and impact on how Shrewsbury town centre is managed and develops.
Shrewsbury BID was successfully voted in by businesses for a five year term and will run until 31st March 2019. A renewal ballot will take place in October 2018 for Shrewsbury BID to continue for a second term.
HOW IS SHREWSBURY BID FUNDED AND MANAGED?
Shrewsbury BID has an annual levy of £300,000. It is principally financed by a levy which is 1.5% rateable value of the property from eligible businesses and organisations within the BID area. Once a ballot is established in favour of a BID, the BID levy is mandatory for eligible businesses.
The BID levy is paid annually by the occupiers of a property and collected by Shropshire Council. It is then transferred to Shrewsbury BID for use on the projects and services agreed in Shrewsbury BID’s Business Plan.
BID businesses are represented by the BID Company which is governed by a voluntary board of directors from a range of sectors and organisations in the BID area. Beyond this, levy payers’ views are sought through feedback and individual meetings.
HOW IS THE SHREWSBURY BID LEVY CALCULATED?
The BID levy is charged at 1.5% of rateable value of each hereditament within the BID area that has a rateable value of £10,000 or more, as at 1st April 2014. Businesses below this threshold are exempt from paying the levy.
Following the 2017 revaluation of business rates, the BID is retaining the rateable values used to calculate BID levy as based on the 2011 valuations.
HOW IS THE LEVY SPENT?
Shrewsbury BID activity is delivered over and above the projects and baselined service levels provided by public agencies including the Local Authority and Police. The projects and services which will be delivered during the five year BID period are agreed and set out in Shrewsbury BID’s 2014 -2019 Business Plan. Key performance indicators (KPIs) are defined and performance is monitored against these by the Shrewsbury BID Board.
HOW DOES SHREWSBURY BID REPORT ON PROGRESS AND KEEP MEMBERS UPDATED?
To keep members updated on activity and progress, Shrewsbury BID provides:
• Quarterly reports, posted to your business and available here Key Documents
• Monthly email bulletins. If you don’t receive these please contact us.
• Focus groups and sector forums
• One-to-one meetings with Shrewsbury BID’s team and directors
• Annual report and annual meeting