Haringey Council has received an application from local businesses to develop a Business Improvement District (BID) for Wood Green town centre. A Business Improvement District is a business-led and business-funded organisation to deliver projects for the area that are chosen by businesses. The proposals have been put together by a Steering Group of Wood Green businesses in consultation with the local business community. Information about what such a District would do for businesses can be found on the Future Wood Green website (external link). This also shows a map of the proposed Wood Green BID Area and includes a downloadable version of the full BID Proposal document.
All organisations with non-domestic “hereditaments” (rateable business units) with a value above £12,000 in the defined area can vote in the BID ballot. If the outcome is ‘yes’, all organisations in the BID area must pay the BID levy, set at 1.25% of a premises’ rateable value per year. This is used to pay for the business-led improvement initiatives envisaged by the BID company’s proposals. As with any democratic decision, this is binding, regardless of how the organisation has voted. The council holds the money in a ring-fenced BID Revenue Account which it passes to the BID to spend on projects and services solely in the BID area. These projects and services are in over and above any services provided by the council or the Police. The BID will be run by a board of BID levy payers elected at AGM.
The proposal will set the term of the BID, but it can be no more than 5 years (at which point in time a new ballot is required if the BID is to continue).
Empty properties, excluding listed buildings, will be liable for the BID levy through the property owner. Where a business ratepayer receives charitable relief from business rates, the BID will also give them an 80% relief from the BID levy. Otherwise, the reduction in the BID levy is only permitted if they are occupying educational-type premises. The BID levy rules in the proposal cannot be altered during the lifetime of the BID without a full alteration ballot.
We will be canvassing eligible hereditaments during November and December 2017 and January 2018, to confirm businesses’ voting addresses, with a view to posting out Ballot papers in late January. Postal ballot Papers must be returned to Haringey Council by 1 March 2018. Each hereditament will receive a vote at the value of “one”, but in addition, its rateable value will also form part of the vote, so there is in effect a two-part result. For the BID to go ahead, it must secure both a majority of absolute votes and “rateable value” votes. A “No” result in either of these means that the BID will not go ahead.
In order to help you take part, it’s important that the letter sent to each hereditament is returned to the council so that we can create an accurate electoral register and ensure that the person in the organisation responsible for voting will receive the ballot paper early in 2018.
Future Wood Green