Successful Sutton is a limited company, established in October 2012, to manage the Sutton Business Improvement District (BID). The company has a board of directors, mainly drawn from local businesses. Successful Sutton was set up to increase the attractiveness and appeal of Sutton as a retail, office and leisure destination.
To become a BID, we needed to run a ballot of eligible businesses. The ballot asked a simple question: ‘Are you in favour of the proposals for the Successful Sutton Business Improvement District?’.
In order for the BID to come into existence, a simple majority of those voting had to vote in favour. But their votes also had represent a majority of the aggregate rateable value of the rateable properties that voted.
Business rates are collected by the local authority and handed over to central government. The BID is a privately funded, business led initiative, it provides services over and above the council in line with business desires and expectations for the area. Every service the BID provides will be additional to what the council already does.
The ballot to become a BID was held in July 2012. A majority of eligible businesses voted in favour of the town centre becoming a BID for a term of 5 years. In 2017 there will be another ballot to extend the BID for an additional 5 years.
Every eligible business pays an annual levy of 1% of rateable value to the Business Improvement District. If the rateable value on your business premises is £10,000, you will pay £100p/a.
The levy is discounted for charities at the same level as their mandatory rate relief. Shopping centre tenants will be given a 25% discount. The BID levy is collected in line with your current business rates system. We are clear and transparent about how we are spending the money. There are regular updates on information about income and expenditure available to all members of the BID.