The Executive considered a request to assist the town centre business community with the promotion of a town centre Business Improvement District (BID). The report provided an overview of BIDs, outlined the role of the Council and the financial obligations a town centre BID would place on the Council and set out the offer of financial support from the Council to help cover the set up costs.
The Executive agreed:-
· to confirm the allocation/provision of on-going Officer support to Vision Stockport during the BID promotion and development phase up to and including the ballot;
· to endorse the one-off allocation of up to £0.060m for the purposes of developing and promoting a Stockport Town Centre Business Improvement District (BID) up to and including a BID ballot subject to the following conditions:-
- the funds will be jointly managed by the Council and Vision Stockport;
- administration and management of the funds would be subject to meeting the Council’s requirements for procurement and monitoring of spend and performance; and
- compliance with BID Regulations.
· in the event of a positive result in the ballot:-
- to allocate annual funds to cover the Council’s obligations arising from the BID levy over the life of the BID up to a maximum of 5 years; and
- to annually pass on to the BID Company the total value of the funds collected through the levy subject to the conditions set out in paragraph 3.2B of the report over the life of the BID up to a maximum of 5 years.