Hereford backs BID's 2nd Term!
Hereford BID (Business Improvement District) Board is delighted to announce that businesses in Hereford have backed the proposals for a second BID term by a resounding majority. Results released today by Electoral Reform Services who conducted the independent ballot on behalf of Herefordshire Council show that in total 203 businesses, with a total rateable value of £ 9,807,125 cast their vote in the 28-day ballot. Of these 165 (81.2%) voted in favour by number with a rateable value in favour of £ 8,721,375 (88.9%). This means the second BID term will run straight on from the end of the current term on 1st April 2020 for a period of 5 years.
Matt Hayes, chairman of Hereford BID Ltd, said, “I am thrilled that so many businesses have shown their appreciation for the work we have done over the last five years by backing our new proposals. The ballot result represents a bright future for Hereford, building on the work we have already done by enabling us to deliver great new projects with the £1.765m investment from Hereford businesses. I would like to thank everyone who has supported these proposals, the voters first and foremost, but also my fellow directors and the staff team who have put in hours and hours of work to get us to this position today.
“We have lots of work ahead of us between now and April to make sure that we can deliver from day one of the new term and plan to start by setting up our new loyalty scheme and developing plans for new marketing initiatives. We are looking forward to working with our partners over the coming months.
Hereford BID2 will operate from 1st April 2020 for five years. It is incorporated as a company limited by guarantee and its volunteer directors will continue to be drawn from the businesses in the BID area. Among the projects to be delivered are improvements to the public realm, marketing and events and support for businesses. These will be funded by the levy paid annually by businesses in the BID area. For full information and to view the BID2 Business Plan go to www.herefordbid.co.uk
Headline projects of BID 2
- Loyalty app
- More events
- Professional marketing
- More flowers
- Fill empty units
- Louder voice for business
- More networking
Plus, all the projects you said you wanted to keep from BID1.
What has changed from BID1?
In preparing for BID2 the BID Board has looked carefully at all the BID rules and has made some changes. Full details are in the Business Plan, but here is an overview.
The threshold at which businesses start paying levy will increase to a rateable value of £10,000. This means that some of you who are currently part of the BID and voted last time, will not have voted this time. You will still be very welcome to be part of the BID as voluntary members. We will be in touch to explain how you can do this. Following positive feedback from the office sector, the BID Board has also decided to include all office-based businesses.
The BID levy has been set at 1.5% to enable us to deliver the projects you have told us you want, and we plan to raise additional funding from elsewhere to provide a better return on your investment. This rate is in line with similar towns and cities. The BID area has been extended slightly to reflect the changes in activity at the edge of the current BID area.
The current BID Board is the proposer of this new plan and, as set out in the national BID regulations, Herefordshire Council is the ballot holder. The Council delegated the job of running the postal ballot to independent election organisers Electoral Reform Services, who also ran the 2015 ballot.