Purpose

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.

Decision

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.

Alternative options considered

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.