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BID Rules & Regulations

GOVERNANCE

1. HWBIDCo Ltd (a not-for-profit organisation) is the “BID body”.

2. The BID Board is made up of voluntary representatives from levy paying businesses. Additional members may be co-opted, as required.

3. The BID Board has responsibility for financial arrangements, contractual obligations, human resources, standards and compliance and strategic direction. It advises on operational issues, oversees performance and acts as the primary consultative body on BID services.

4. The Board elects it’s Chair, who must be a business representative, as well as a Deputy Chair, Finance Director and HR Director. All of these roles are voluntary posts.

5. An Operating Agreement, which includes the Council’s baseline service commitments will be in place from the commencement of the BID Term. This includes any partnership arrangements governing operational service level agreements.

FINANCES

1. The forecast budgeted annual levy income is £311,831, assuming an average collection rate of 96% in any one year.

2. The BID will seek to source income and funding that is additional to levy income. This will comprise revenue streams from its own activities, voluntary contributions, grant funding and some devolved budgets.

3. Operating costs of the BID are estimated at 20% of total expenditure, which is in line with industry guidelines.

THE LEVY

1. The number of hereditaments liable for the levy is estimated at 675.

2. The levy rate to be paid by each hereditament is calculated as 1.1% of its rateable value as at the chargeable day, which is fixed at 1st October 2021.

3. Hereditaments less than £2,500 will not be charged a levy.

4. Those hereditaments within a serviced shopping centre, paying an annual service charge, will be liable for a reduced levy of 0.9% of rateable value.

5. The levy will be charged annually in advance for each chargeable period, from October to September for five years. No refunds will be given.

6. In the case of empty properties, the BID levy will be collected at 100% from either the owner or leaseholder (if an occupational lease exists).

7. There is a provision to allow for an inflation factor of up to 0.02% to be added to the levy annually at the discretion of the Board (eg. year 2 may be up to 1.12%, year 3 1.14% and so on).

8. Buckinghamshire Council will be responsible for the collection, and enforcement, of the levy on behalf of the BID.

THE BALLOT

1. Civica Electoral Services will implement the independent ballot and will send a ballot paper to those responsible for hereditaments that will be subject to the BID ballot, in accordance with BID Regulations 2004.

2. Each hereditament subject to the BID levy will be entitled to one vote in respect of the BID Proposal in a postal ballot which will commence on 9th June 2022 and close at 5pm on 7th July 2022. Ballot papers received after 5pm on 7th July cannot be counted.

3. In order for the BID Proposal to be successful at ballot, the result will need to meet, as a minimum, two independent criteria which are: » Of those ballots returned, those voting in favour must exceed those voting against it; » Of those ballot papers returned, the total rateable value of those hereditaments which vote in favour, must exceed the total of those voting against.

4. The result will be announced on 8th July. 5. If successful at ballot, the BID will continue into its third full term, for a period of five years on 1 October 2022 to 30 September 2027.