If a majority of businesses vote in favour of the Totally Truro BID proposal by 5th July 2007, 418 properties in Truro will be billed for 1% of their rateable value each year for a period of 5 years (with an increase of 3% for inflation to be applied each year on 1st April).
Two thirds of businesses will pay less than £10 per week with the single largest charge being £11,735 per year and the lowest being £100 per year. The chart below shows some typical contributions.
| Rateable value £ |
Annual £ |
Monthly £ |
Daily £ |
| 500,000 | 5,000 | 416.67 | 13.70 |
| 250,000 | 2,500 | 208.33 | 6.85 |
| 100,000 | 1,000 | 83.33 | 2.74 |
| 50,000 | 500 | 41.67 | 1.37 |
| 10,000 | 100 | 8.33 | 27 pence |
The 1% levy together with additional contributions brings a total income of £1,498,870 across the 5 year BID term.Businesses with a rateable value of less than £10,000 are exempt from paying the levy and will not be entitled to a vote in the ballot. However, if the BID is approved, businesses under this threshold can opt to voluntarily pay the minimum amount of £100 per year to become a member of the BID and receive the same benefits as ordinary levy payers.
The levy will be collected from 3rd September 2007 ready for the BID commencing on 1 October 2007 (businesses will be invoiced for a 6 month payment) and then again on 1st April each subsequent year with the last invoice issued on 1 April 2012. The BID will end on 30th September 2012.
The levy will be collected by Carrick District Council and then transferred to Totally Truro monthly to manage and spend in accordance with the business proposal.
Totally Truro is a company limited by guarantee registered in England company no. 6070111
Copyright Totally Truro 2007. All Rights Reserved.