BID Leamington is the company responsible for running the Business Improvement District (BID) in Royal Leamington Spa. They are currently in the third term of the BID, which will run for a five year period until June 2023.
The BID allows an additional rate levy to be charged to businesses in a defined geographical area of the Town Centre. The BID levy is payable by retail and leisure businesses within the BID area that have a rateable value of £15,000 p.a. or above.
The levy is not payable by residential premises. The amount payable is 1.6% of the rateable value of the property, which is subject to an annual increase if agreed by the Board of Directors. The invoice is payable by the lease-holder however if the property is vacant then the property owner is liable.
Warwick District Council supports BID Leamington in a number of ways, including:
- Collection of the levy
- Additional grant support - in addition to paying the levy on its own properties
- Joint initiatives such as delivering the Christmas lights and wayfinding
The council has elected member representation on the BID Leamington Board of Directors.
In March 2023, businesses were asked to vote on the continuation of BID Leamington for a further five years in a renewal ballot administered by Warwick District Council. The proposal to renew BID Leamington until 2028 was supported with 90% of businesses voting in favour by number, and 94% by rateable value.
The BID Leamington Business Plan 2023 - 2028, including updated levy rules can be viewed on the BID Leamington website. The new BID five year term will commence in July 2023.
At this time the amount payable will reflect the April 2023 the rating list and will be 1.9% of the rateable value of the property. As was the case previously, the invoice is payable by the lease-holder however if the property is vacant then the property owner is liable.
For further information visit the BID Leamington website or phone 01926 470634.