Great Yarmouth Business Improvement District Annual Levy 2021/22
Dear BID payer
Please find enclosed your invoice for the 2021/22 annual Business Improvement District Levy. This represents year one 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 last year of the previous 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 £118,885 of BID levy was collected giving a current collection rate of 82% for 2020/21, however it is acknowledged that the collection process was disrupted by the Coronavirus pandemic and is not yet complete.
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 2020/21 the TCP spent £87,863 on the ‘Safe and Clean’ projects including street wardens, town centre CCTV and the ShopSafe crime reduction scheme, and £25,114 on the ‘Friendly’ projects including the Go Trade markets initiative, covid safe events and advertising initiatives. Additional funding received from businesses exempt from the BID, EU funding, Market Gates Shopping Centre and Great Yarmouth Borough Council was used to support additional projects, town centre management and operational costs giving an overall investment of £165,552 in Great Yarmouth town centre by the Partnership. A detailed set of the Company’s audited accounts will be published made available to all gyBID levy payers following the Annual General Meeting 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