As a voluntary member, we have already benefitted greatly from The Fitzrovia Partnership’s services. As a Fitzrovia business we now look forward to being included in the wider BID.
Fiona Clark, Practice Director
David Miller Architects
The levy that provides the BID’s funding is governed by a set of BID rules. When the BID is approved at ballot all eligible businesses will pay 1% of their rateable value to fund the action plan set out in this Business Plan. The BID will be in place for five years and all businesses premises at or above the £160,000 threshold of rateable value level will be liable for contributing to the BID.
The BID Rules
|Property Owner Voluntary Contributions||50,000||50,000||50,000||50,000||50,000||250,000|
|Voice and Representation||60,000||61,800||63,654||65,564||67,531||318,549|
|Environment & Place||200,000||206,000||212,180||218,545||225,102||1,061,827|
|Promotion and Communication||100,000||103,000||106,090||109,273||112,551||530,914|
|Adminstration and Management||135,000||139,050||143,222||147,518||151,944||716,734|
|Contingency - 8%||63,600||65,508||67,473||69,497||71,582||337,660|
Notes to Budget
Through an Operating Agreement with the Council, a process will be put in place to monitor the collection of the BID levy over the duration of the five-year tenure.
Within one month of the ballot result, the West Fitzrovia BID and Westminster City Council will set up a Monitoring Group. There will be at least two meetings of the group each financial year throughout the BID term. At each meeting the monitoring group will:
Leveraging additional Non-BID Levy Funding
The West Fitzrovia BID will seek to grow its number of voluntary members and in particular leverage its activity towards the delivery of additional funding to support ongoing work programmes. This is with particular regard to public funding opportunities, property owners and commercial/corporate partners.
05. SIX WORK PROGRAMMES