Business levvy set as St Andrews BID aims for ballot on new five-year term
An initiative which will see over £1m invested in St Andrews over a five year period is set to be continued for another term.
A renewal ballot for BID St Andrews will be held in July with a new five year spell set to run from August.
A BID, or Business Improvement District, is an initiative where businesses and other interested parties work together and invest funds generated by a levy on business rates, to improve the business environment.
BID St Andrews operates as a not-for-profit company, is governed by a board of directors and employs a small executive team. Members of the North East Fife Area Committee gave their backing for the renewal ballot at their meeting on Wednesday.
David Grove, town centre development lead officer, said the renewal bid process had been supported by extensive consultation with levy-paying businesses as well as an independent review confirming compliance to the process.
“The bid remains unchanged in terms of area and the levy will continue at 1.5 per cent of rateable value capped and fixed for the term,” he explained.
“It will generated an estimated £1.175m over five years to deliver the priorities focused on marketing and promotion, parking and accessibility, clean and green initiatives and business support and collective lobbying.
“We are satisfied that the St Andrews Bid continues to provide clear value for money and reasonable benefit to the town centre. It is well governed, financially robust and aligned with local and national policy objectives.”
Cllr Ann Verner welcomed the prospect of a new term, saying: “it has been very successful.”