Income
The steering group has costed the BID operation and deemed that a levy of 2% of the rateable value of all hereditaments above the value of £2.5K - with smaller businesses paying a flat rate £50 per annum.

The Ballot
From 3rd November to 1st December 2008 businesses were asked to cast their vote for the BID in a formal and confidential ballot. The Electoral Services Department of North Herts District Council (NHDC) were responsible for managing the vote and ensuring a 'free and fair' outcome.

Expenditure
The BID projects were costed using information available to us at the time. Having achieved the vital “yes” vote from you, we have “cut our cloth” according to our means, spending only the money we have available without taking on expensive loans.

The Levy arrangements
The BID investment levy is the principal source of income for the BID. The Royston First BID company (Royston First) applies a levy of 2p in the £ on all rateable properties, located in the BID area, with a rateable value of over £2.5K. Those properties with a rateable value of £2.5K or less pay a fixed contribution of £50 p.a. Over the term of the BID, we are scheduled to raise at least £900K to invest in the town.

Calculating your Levy
Simply multiply the rateable value of the business unit by 0.02. (Except for businesses with an RV of £2.5K or less).

Collection of the Levy
NHDC issues the BID levy bills and collects the levy on behalf of Royston First. Funds are transferred to the BID’s bank account under arrangements set out in a formal Operating Agreement.

Royston First 01763 878242