How does the Great Yarmouth BID work?
The Great Yarmouth Business Improvement District (gyBID) is proposed and managed by the Great Yarmouth Town Centre Partnership, a not for profit company which has been managing town centre initiatives in Great Yarmouth since 1997. The first 5-year term of the Business Improvement District went live in April 2006 following a successful ballot of businesses saw 82% by number and 88% by rateable value vote in favour of the BID. The Town Centre Partnership has most recently secured a fourth 5-year term, following a ballot of gyBID business levy payers in March 2021.
In the current BID term businesses with a rateable value of £9,000 and above pay a levy equal to 1.75% of their rateable value, with a 0.25% deduction for those properties within either Market Gates Shopping Centre or Victoria Arcade and those located on the other side of Haven Bridge.
For more than 9 out of 10 liable businesses this equates to less than £10 per week.
As required by the BID regulations Great Yarmouth Borough Council (GYBC) has been responsible for the collection of the gyBID levy from business ratepayers in the BID area. The Great Yarmouth Town Centre Partnership (TCP) receives the BID Levy from GYBC to deliver the agreed BID initiatives. Additional revenue is accrued from voluntary subscriptions from those businesses exempt from the BID ballot catchment criteria, but wish to be a part of the BID are used to support town centre management, operational costs and additional projects and events.
The successes and achievements of the Town Centre Partnership’s initiatives have been reported bi-annually in both the gyBID interim and annual reports. The most recent publication is the 2022 Annual Report that can be found on the ‘Documents’ page, along with a copy of the original business plan and the BID renewal Business Plan covering 2021-2026.