How does the Great Yarmouth BID work?
The Great Yarmouth Business Improvement District (gyBID) was proposed by the Town Centre Partnership, a not for profit company which has been managing town centre initiatives in Great Yarmouth since 1997. After consulting with over 400 town centre businesses, a five-year business plan was drawn up and put to the ballot. The 2006 Business Plan proposed that all businesses with a rateable value of £8,000 or above, that welcomes public callers and is located within the defined BID area, would pay an annual levy of 1.5% of the rateable value of their premises towards the initiatives identified in the business plan. In March 2006 each potential BID levy payer was balloted by Great Yarmouth Borough Council when 82% by number and 88% by rateable value voted in favour of the BID. The Town Centre Partnership is currently in the process of renewing the BID for another 5-year term – a ballot of gyBID businesses will happen in February 2011 to decide whether a second BID term should be implemented.
The first BID term went live from April 2006 and since then Great Yarmouth Borough Council (GYBC) has been responsible for the collection of the gyBID levy from business ratepayers in the BID area averaging a collection rate each year of around 98%. The Great Yarmouth Town Centre Partnership (TCP) receives the BID Levy from GYBC to deliver the agreed BID initiatives. Match funding contributions from Great Yarmouth Borough Council, Norfolk Constabulary and Norfolk County Council and voluntary subscriptions from businesses exempt from the BID levy were used to support town centre management, operational costs and additional projects and events. This process will continue from 2011-2016 if the forthcoming ballot for a second BID term is successful.
The successes and achievements of the Town Centre Partnership's initiatives have been reported bi-annually in both the gyBID interim and annual reports. Now the BID term is nearing its close, the Annual Report 2010 has been combined with a prospectus document which looks back over the last four years as well as outlining draft proposals for the next BID term. All of these documents can be found on the 'Documents' page, along with a copy of the original business plan and, very shortly, a copy of the BID renewal Business Plan covering 2011-2016.