Budget
There are 350 business premises in the BID area with a total rateable value of £3.7m. A BID levy fixed at 1.5% of that rateable value would give an annual income of £52,500 per annum. Over the 5 year lifetime that would provide a total investment of £262,500, ring-fenced to Brixham town centre.
There will be no exemptions. The BID levy will be payable by the liable party. In the case of vacant premises, the liability rests with the landlord. There will be no adjustments during the year to reflect changes in the liable party or rateable value.
Torbay Town Centres Company will maximise, where possible, the BID levy payment by raising additional finance through landlords’ voluntary contributions, local authorities, sponsorships, grants and any other relevant funding streams over the lifetime of the BID period.
