BID projects are funded by raising finance, principally, through a levy. This levy is an investment by businesses within the Destination CQ BID area. The total revenue to be raised from the BID levy over its 5-year term is £1.7m. The levy is payable by all non-domestic properties within the BID area that are listed on the Local Non-Domestic Rating List (2016) with a rateable value of £1,500 and above (as received by Cathedral Quarter Trust on 28th August 2016 from Land and Property Services NI).
The annual BID levy is set at 1.5% of the Rateable Value of each eligible property (hereditament) as set out in the Local Non-Domestic Rating List for that financial year.
To calculate your annual BID Levy based on a 1.5% charge divide your rateable value (RV) by 100 and multiply by 1.5. For example:
Rateable Value Calculation BID Levy £1,500 £1,500 / 100 x 1.5 £22.50 .
The BID levy will be collected by the Billing Body, Belfast City Council, on behalf of Destination CQ BID. Levy bills will be issued to Destination CQ Stakeholders in October each year.
Under BID legislation, all businesses and organisations within the defined BID area will be under an obligation to pay the levy each year for five years. Collection of the BID levy carries the same enforcement weight as collection of the non-domestic rates.