Warrington BID is funded by all businesses and organisations, including the local authority operating from properties with a rateable value above £15,000 that are within the BID area. The levy equates to 1.5% of the rateable value of the business premise.
Once a BID has been successfully voted in by ballot the levy becomes mandatory for all eligible businesses, irrespective of sector. Annual levy payments are collected by the local authority and funds are passed onto Warrington BID to use for projects and services.
For a BID to be approved, a postal ballot takes place which needs to deliver a majority in both the number of businesses and the collective rateable value of the business premises. This ensures that the interests of large and small businesses are protected. Each BID generally operates for a maximum of five years before a renewal ballot.
Warrington BID was established in 2018 following a successful yes vote. The first term of the BID runs from August 2018 to July 2023 and means that over the term approximately £1.8 million will be generated and invested back into the town centre.
The funds raised by the levy are ring fenced and held locally by an accountable body (Groundwork Cheshire, Lancashire and Merseyside) and invested in added value projects and services. The projects and services are all commissioned and delivered under the governance and direction of the Warrington BID Executive Board which is made up of representatives from local businesses. The funds raised cannot be used to support or pay for services that are a statutory obligation of the public sector.
BIDs are designed to be fair. Larger businesses invest more than smaller ones with all business sectors benefiting from the improvements.
The town centre is home to a number of office and professional service-based companies, all are contributing members of the BID where their premises have a rateable value greater than, or equal to £15,000. The average cost for small and medium sized businesses in the BID area is £1.57/day. Nearly 50% of premises in the BID area pay less than £1/day with hundreds of businesses exempt due to their premises falling below the £15,000 threshold. All levy contributions will provide nearly £1.6million of additional investment in the town centre, representing great value for levy payers.
*The percentage levy charge will increase annually by 0.05% of a hereditament’s rateable value (e.g. in August 2024 the levy will be 1.55% an average cost increase equivalent of 7pence/day).
