Frequently Asked Questions for the Park Royal BID

What is a BID levy and how is this calculated?                             

The 2010 data suggests that the collective rateable value of businesses in the proposed Park Royal BID Area is in excess of £136million per annum. During the business consultation period (October – November 2010), local businesses with a rateable value of more than £50,000 per annum will be asked to indicate the level of levy (1% or 1.2%) that they would be prepared to pay on their rateable value per annum for five consecutive years to make a Park Royal BID happen.
 
What happens if my business rates go up? Would my BID levy also increase?
The rate of the BID levy will be determined at the initial implementation of the BID and will not change until the BID is next returned to the ballot at the end of the five year period.

Why pay more? I already pay my council rates.
The BID will not in any way affect the quality or level of service you receive through your council rates. BIDs allow businesses to choose to have a level of service which goes beyond the baseline services offered by the council, and they also allow the businesses to choose how they want to see their money invested in that area.

Will I still have to pay a membership subscription to PRP?
PRP acknowledges that successfully convincing local businesses to vote positively for a BID that will levy a local ‘tax’ will be challenging in today’s economic climate. This is notwithstanding the general increase in Business Rates through the rate review programme and Supplementary Business Rates. However, despite this, already 25% of the local businesses in the proposed BID area pay membership fees to PRP. The intention of the Park Royal BID is to replace membership subscriptions for all levy contributors. On that basis, levy payers do not need to pay a membership subscription to PRP.

When will the first BID in Park Royal be established?
If the ballot process is successful in early 2011, it is possible that a Park Royal BID will be operational by Summer 2011.

What if I want a BID but the other businesses in my area don’t?
It is necessary that over 50% of businesses in the proposed Park Royal BID area support the concept in order for it to be implemented. If you feel strongly that a BID could benefit your area, contact Rena Kazinou by emailing rkazinou@parkroyal.org  Head of Corporate Resources at PRP to determine the level of interest expressed in the BID scheme in your geographical area.

How do I go about expressing my support or reservation for a Park Royal BID?
The Park Royal BID Steering Group is conducting ongoing consultations with the local business community to determine the level of interest amongst businesses in different areas. We are also holding a series of open meetings to encourage local businesses to ask questions and to engage with the process to ensure they have the knowledge to make an informed choice, when and if they are asked to participate in a ballot. To find out more contact Rena Kazinou by emailing rkazinou@parkroyal.org