QUESTIONS ABOUT THE BID
Could our BID money end up being spent in a different place?
No! The money a BID collects is ring-fenced for use in the BID area. The money will be used to provide a radio link scheme, enhanced marketing and more events throughout the town and only in the town.
Are all BIDs the same size?
BIDs come in all shapes and sizes, with the smallest having 50 hereditaments and the largest over 2,000. Andover will have circa 252 hereditaments that will be liable to pay the levy.
How much will this BID raise?
Over its first 5-year term, Andover BID will raise c£1,000,000. In addition, many BIDs are able to attract external funding and we are aiming for an additional 20% revenue via growth and funding bodies.
How did this plan come together?
Extensive research with 207 businesses who are likely to pay the levy and key stakeholders. This included face to face questionnaires and four workshops to help people understand what a BID is and exactly what it can deliver for Andover. Also a special event was held to inform businesses of these proposed plans.
How long does a BID last for?
BIDs operate for a maximum of five years within the legislative framework. After that, another ballot of businesses is required. BIDs prove to be extremely successful at ballot with a 90% renewal success rate after five years.
How is the BID funded?
The BID is funded via a levy which is a small percentage of the rateable value of the business or premises’. In Andover that will be 2%. About
Rateable Value Example Levy Cost*
*Your exact cost will be 2% of your rateable value or 1.5% if you pay a service charge in a shopping centre