Business Improvement District
Hastings town centre BID
A Business Improvement District is a defined area in which a levy is charged on business rate payers (who have a ratable value of £5000 or more) in addition to the business rates bill. This levy is used to develop projects which will benefit businesses in the local area.
Organisations in Hastings Town Centre have voted to introduce a Business Improvement District (BID).
Hastings BID will start on the 01 April 2017 and the first term lasts for five years.
Hastings Town Centre Management initiated the idea for a BID. A steering group was set up which comprised of local business owners, directors and managers to oversee the project.
A ballot was held in October/November 2016 that was open to all businesses that would be eligible to pay the levy. The results were as follows:
Yes vote: 72% by number
Yes vote: 55% by rateable value
All levy payers will receive a notification letter in March before the bill is issued on 01 April. BID legislation requires Hastings Borough Council to collect the levy on behalf of Love Hastings but all monies (except for a collecting fee) will be paid directly to Love Hastings.
Love Hastings, a newly registered, not-for-profit business will work on behalf of the levy payers to improve the town centre for residents, visitors and businesses in Hastings and manage the BID. The aims are to reflect the ethnic and cultural diversity of the town, provide a voice and support for town centre businesses and lever in more money from other sources to supplement budgets.
The BID will fund eighteen additional town centre projects within four themes; a better feel for the town centre, better connections and communications, a stronger business voice and a safer place.
If you have any questions about Hasting BID please visit; http://hastingsbid.co.uk/about/faqs/
Business and commerce