Lancaster BID Ltd is a not for profit company led by a Management Board comprising largely private sector members which aims to create a more prosperous city centre.
All business properties with a rateable value of £10,000 and above within the BID area will make an investment of 1.5% on a fixed rateable value of their business. The Rateable Value is fixed at 1 April 2016 for the five year period of the BID (i.e 1st April 2016 to 31 March 2021). There are no exemptions or reliefs with the BID levy.
These payments – the BID levy – will generate a budget around £1,195,000 over five years to spend on improving and promoting the city centre as a vibrant and cosmopolitan destination. This money is used to lever in additional support to add value to the levy. The BID was first established on 1st April 2013 and began a new five year term in 2016.