Economic development

Heart of London BID Ballot

Businesses give go ahead for first central London BID

Local businesses surrounding and including Leicester Square and Piccadilly Circus voted by 70.73 per cent in favour of establishing the Heart of London business improvement district (BID). The results of the postal ballot were announced on December 31st by Peter Rogers, Chief Executive of Westminster City Council, with the Heart of London BID to begin on 14th February 2005.

Cllr Colin Barrow, Cabinet Member for Economic Development and Transport, said:
"I am delighted that the Heart of London BID has been successful and congratulate them on being the first formal BID in central London and only the second in the UK to achieve formal status. The City Council is looking forward to continuing our successful partnership with the BID team to ensure that the centre of London is recognised as a clean and safe environment to visit and carry out business".

Sarah Porter, Chief Executive of Heart of London Business Alliance said:
"The Heart of London BID is a pioneering project that will deliver additional services to create improved trading environments for businesses and make the area a more pleasant place in which to shop, visit, work and live."

Simon Milton, Leader of Westminster Council and Deputy Chairman of the Central London Partnership the organisation which initiated the BID proposal said:

"This is excellent news for the West End and will help kick start our ambitious proposal for the revival of this area. We look forward to the forthcoming ballots for the remaining two bids at Paddington and the New West End Company. The partnership between City Council and the business community will help drive other improvements in quality of offer we make to visitors and Londoners."

Operated by the Heart of London Business Alliance, the BID will bring businesses, local organisations and authorities together to improve the business and living environment of the area surrounding Leicester Square and Piccadilly Circus. The Heart of London BID will raise income through a levy on business and, in partnership with Westminster City Council, will deliver additional operational services. Alongside the BID will develop and implement strategy to masterplan future development initiatives in the area.

The Heart of London BID is one of three proposed for Westminster. The others are the New West End Company, encompassing streets including Bond Street, Oxford Street and Regent Street, and Paddington BID, which extends from Eastbourne Mews and Chilworth Mews in the west to Edgware Road in the east and from Eastbourne Terrace, Praed Street and South Wharf Road in the north to Sussex Gardens in the south. Ballots of local businesses for these BIDS will be held early in the New Year of 2005.

BIDS will be financed by a levy on businesses within the designated area and voluntary contributions from property owners in the area. The BID levy will be applied to all ratepayers with a rateable value of £50,000 or more (no VAT is charged on the levy). The levy will be at a fixed rate of 1% of rateable value as at 1st April 2004 and will assume a growth rate for inflation of 3% applied on 1st April each year. The first term of the BID will be for two years six weeks from February 14th 2005.