How is a BID funded?
All businesses within the BID area pay a set levy. This money is used to pay for the services and improvements that the BID provides.A BID is also a mechanism for attracting funding from other sources, such as public sector bodies, depending on the projects involved.
What will it cost me?
The levy payable by businesses to Edinburgh’s West End BID relates to the rateable value of the property. A banding structure, featuring 7 bands, dictates how much each property pays.
Who pays a levy?
All eligible non-domestic properties (i.e. the eligible person, those liable to pay the non domestic rate) of the descriptions Shop, Restaurant, Public House, Nursery, Guest House, Hotel, Surgery, Salon, Clinic, Betting Shop, Bank, Hostel, Cafe, Night Club, Amusement Centre and Supermarket agreed by Edinburgh’s West End BID Steering Group as listed on the Local Assessors Valuation Roll on the ballot date will be liable to pay the levy. Any new commercial development, sub division of existing properties or merging of properties or new business in the SAA descriptions agreed by Edinburgh’s West End BID Steering Group with a non domestic rateable valuation coming into the area during the 5 year term of the West End Business Improvement District will be liable for the BID Levy.
Why don’t existing business rates pay for services a BID could deliver?
Business rates are spent on existing services across the city they are not ring-fenced to the area in which they are raised. In fact the Council only has just over half of the business rates raised in Edinburgh to spend as the rest are redistributed around the country.
A BID is a way of securing sustainable investment for additional services and projects over a 5-year period, without the red tape and bureaucracy that is often associated with public sector investment. Funds raised are controlled and spent in line with business priorities, by an organisation whose board members are drawn from the business community, and the money raised is spent in the BID area alone.