Luton Business Improvement District (BID) commenced on 1 January 2015
Business Improvement Districts are created by businesses and organisations which come together to collaborate on initiatives that improve the location where they trade or do business. Business Improvement Districts are driven by participating businesses – who work together to draw up a business plan which is voted on and, if agreed, is then funded through a levy based on business ratable values, as well as trying to lever in additional funding where possible for investment into the delivery of projects for the benefit of businesses.
The Luton Town Centre BID ballot was held on 31 October 2014, and there was a strong business turnout vote in favour with 75% of the businesses and 66% of the aggregate rateable value voting in favour of the BID – giving a clear mandate for the next five years from 1st January 2015.
Under the BID, businesses will pay between 0.75% and 1.5% of their rateable value of their premises with fixed bands for the smaller businesses. This will generate around £420,000 a year for the next five years which will be used to fund activity identified in the business plan.
This levy is collected by the council and paid directly to the Business Improvement District company. Luton BID Ltd is a not-for-profit company, set up by the businesses, to manage the business improvement district business plan. There is a designated project team who will be responsible for the project delivery