Budget
A fixed levy of 1.5% of the 2010 rateable values will be charged on all existing business rated premises in the BID area. This percentage can be varied only by a specific Alteration Ballot of all businesses in the BID area.
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.
This levy will raise over £125,000 pa for each year of the BID period = almost £650,000 in 5 years. 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.
