To agree to vote in favour of the Hereford Business Improvement District (HBID) for the third, five year term (2025 – 2030).

To agree to pay the levy on Herefordshire Council hereditaments in the HBID area, to the value of £32,085 per annum, an annual increase of £7,900, compared to current levy payments.

This report is to request cabinet member approval to vote ‘yes’ to the third term of Hereford Business Improvement District (HBID) in the forthcoming ballot (October, 2024). The HBID will raise a five year budget £1.769 million, via levy contributions, to deliver a programme of projects in the city centre. These projects and improvements are clearly defined in the HBID Business Plan (Appendix 1) and are additional to any services that are funded by the local authority. There are extensive benefits, not only to the businesses, but also to the council, residents and visitors alike.

That:

a) the Service Director for Economy and Growth be authorised to sign voting papers and vote in favour of Hereford BID for the third, five year term (2025-2030);

b) payment of the 1.99% levy on 31 Herefordshire Council properties in the HBID area be approved, amounting to £32,085 per year, plus inflation, for a period of five years; and

c) the Corporate Director for Economy and Environment (liaising with Legal Services) be authorised to finalise and arrange for the execution by the Council of all necessary contract documentation relating to HBID’s third year term.

The council could decide to abstain from voting in the ballot, or to vote ‘no’. It should be noted that, irrespective of which way the council chooses to vote, it will still be required to pay the levy on its properties (hereditaments), should the ballot achieve a successful outcome. It should be further noted that there are benefits to Herefordshire Council and BID businesses from the continuation of the BID, which are mentioned later in the report.