Great Yarmouth Business Improvement District Annual Levy 2023/24
Dear BID payer
Please find enclosed your invoice for the 2023/24 annual Business Improvement District Levy. This represents year three of the fourth five-year term of gyBID following a successful ballot of eligible businesses on 18th March 2021 to agree the 5-year gyBID business plan. The levy is set as 1.75% of rateable value of all non-domestic properties with a rateable value of £9,000 and above located within the BID area. Where frontages of properties are located within managed shopping centres or west of Haven Bridge, then a 0.5% reduction is applied. The BID levy will be spent on the agreed ‘Clean & Safe’ and ‘Friendly’ projects as outlined in the gyBID business plan, a copy of which can be found at www.gybid.co.uk
The following information brings BID levy payers up to date on how much levy was collected during the previous year of the current BID term and how it has been spent. Great Yarmouth Borough Council (GYBC) is responsible for the collection of the gyBID levy from business ratepayers in the BID area. During the last financial period £125,360 of BID levy was collected giving a current collection rate of 91% for 2022/23, however, it is acknowledged that the collection process is still ongoing as GYBC continue to recover the levy amounts yet unpaid.
The Town Centre Partnership Co. (Great Yarmouth) Ltd (TCP) receives the BID Levy from GYBC to deliver the gyBID projects as per the agreed business plan. During 2022/23 the TCP spent £87,535 on the ‘Safe and Clean’ projects including street wardens, town centre CCTV and the ShopSafe crime reduction scheme, and £44,800 on the ‘Friendly’ projects including the Christmas Fayre and Lights Switch-On, Business Training, town centre events and advertising initiatives. Additional income generated by the Town Centre Partnership was used to support additional projects, town centre management and operational costs giving an overall investment of £202k in Great Yarmouth town centre by the Partnership. A detailed set of the Company’s audited accounts will be published and made available to all gyBID levy payers with the Annual Report following the Annual General Meeting to be held in November.
If you have any queries regarding Great Yarmouth Improvement District and the projects on which the levy is spent, please contact the Great Yarmouth Town Centre Partnership on 01493 745828.
If you have queries regarding the payment of this invoice, please contact Great Yarmouth Borough Council on 01493 846244.
Jonathan Newman
Town Centre and BID Manager
Great Yarmouth Town Centre Partnership