A Business Improvement District (BID) is a local, democratically established organisation that focuses on delivering specific improvements needed by local businesses and organisations in a defined area.
BIDs invest in and deliver projects to improve the local trading environment, drive down business costs and raise the area’s profile. BIDs are led and controlled by those who contribute a levy payment; they are independent, not for-profit organisations with ring-fenced resources and finances. The BID is governed by a Board of Directors made up of up to 20 local businesses and organisations within the area.
BIDs operate for up to five years. Throughout the term they are accountable to their levy-payers and must demonstrate how they make a difference. After five years, a re-ballot must be held to enable the BID to continue.
The BID will generate £1.7m of investment into the Cathedral Quarter area over its 5 year term
BID projects are funded by raising finance, principally, through a levy. This levy is an investment by businesses within the Destination CQ BID area. The total revenue to be raised from the BID levy over its 5-year term is £1.7m. The levy is payable by all non-domestic properties within the BID area that are listed on the Local Non-Domestic Rating List (2016) with a rateable value of £1,500 and above (as received by Cathedral Quarter Trust on 28th August 2016 from Land and Property Services NI).
How much will I pay?
The annual BID levy is set at 1.5% of the Rateable Value of each eligible property (hereditament) as set out in the Local Non-Domestic Rating List for that financial year.
To calculate your annual BID Levy based on a 1.5% charge divide your rateable value (RV) by 100 and multiply by 1.5. For example:
Rateable Value Calculation BID Levy £1,500 £1,500 / 100 x 1.5 £22.50 .
When will I pay?
The BID levy will be collected by the Billing Body, Belfast City Council, on behalf of Destination CQ BID. Levy bills will be issued to Destination CQ Stakeholders in October each year.
Do I have to pay the BID levy?
Under BID legislation, all businesses and organisations within the defined BID area will be under an obligation to pay the levy each year for five years. Collection of the BID levy carries the same enforcement weight as collection of the non-domestic rates.