During February and March 2016 a renewal ballot took place when all eligible non-domestic ratepayers in the BID area were invited to vote in favour of/or against HullBID continuing for a further five year term. The renewal ballot is conducted independently by Hull City Council.
Since the mandate was secured, the term will run 1 November 2016 until 31 October 2021. The levy, equivalent to 1% of the non-domestic rateable value on all hereditaments listed in the 2010 non-domestic rating list that have a rateable value of £5,000 or more and that are within the BID area becomes mandatory. Registered charities receiving a rate reduction pay 0.2%*
*A hereditament is any business premise with liability for business rates.
The levy raises approximately £480,000 per annum. Voluntary contributions, grants, events revenue and other funding bring in additional income. In the past two (five year) terms, HullBID generated an additional £2 million plus in funding and support over and abve the levy.
The funds are allocated by HullBID to address the priorities identified by BID member businesses. To learn more about HullBID’s priorities visit our ‘What We Do’ page.
HullBID group meeting minutes
You can see minutes of all HullBID group meetings in the resources section click here
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