BOLD SCHEME COULD CHANGE TOWN:
BUSINESSES are being asked to vote for a scheme that could ‘change the face of Stockport.’
Companies based in the town centre are being canvassed over whether they support the implementation of a Business Improvement District (BID).
This would see all businesses with a rateable value of £10,000 or more that are based in the BID area pay a levy of 1.25 per cent of their value annually – which represents around 2.5 per cent of an average business rates bill.
So a business worth £10,000 would pay £125 per year, while one worth £1m would pay £12,500 per year.
In the first year, this would give the BID a budget of £480,000, and external funding sources will also be sought to supplement this.
Businesses with a value of less than £10,000 will be given the opportunity to contribute by paying a voluntary annual charge of £100.
The BID area would include all of the town centre including the bus station, Merseyway, the Peel Centre, the old town and the A6 as far south as the town hall.
All businesses are being balloted and can vote on whether they wish the BID to be implemented.
If the majority say yes the scheme will kick in in April next year and run for five years, and all businesses valued at over £10,000 will have to pay the levy, whether or not they voted in favour of the BID. This will include any new businesses that start up, or established businesses that move into the borough.
This will be enforced by the council – however, the money raised will be handled independently of the local authority.
A BID Company will be formed specifically for this purpose, run by the businesses paying the levy, and they will have control over what the money is spent on.
The campaign to implement the BID is being run by community interest company Vision Stockport.
Board member Helen White, from Marketing Stockport, said: “Creating a BID for Stockport will enable businesses to invest, it will enable the BID company to look at ways to improve the town and complement the services the council provide.
“For instance, better marketing of the town, putting on more events that appeal to everyone of every age and trying to bring more people into the town.”
All businesses have been sent ballot papers, and have until 5pm on Thursday, October 27 to return them. The result will be announced the following day.