It’s a YES!
The yes vote means that local businesses have chosen to move Stratford forward with projects to improve the town centre until 2025.
The London Borough of Newham declared the successful result on Friday 1 November 2019. With a turnout of 53%, 85% of votes were in favour of the continuation of Stratford Original BID and 88% in favour by rateable value.
During the first term Stratford Original, a not-for-profit organisation managed £1.2 million investment into the town centre and successfully secured an additional £435k funding for projects to enhance the area.
In the second term the BID has six main priorities: Safety First, Shaping Change, One Business Voice, Delivering Value, Placemaking, Communication and Events. These priorities came directly from consultation with businesses in the BID area.
For anyone that would like to know more about what the Stratford Original is doing for the town centre visit https://stratfordoriginal.com/about.
If you are a business within the BID area you can get directly involved in a Stratford Original Steering Groups to help drive change. Find the upcoming meetings here.
To read more about the priorities for Stratford Original over the next five years READ STRATFORD ORIGINAL BID PROPOSAL.
The Stratford Original BID (Business Improvement District) is a not for profit organisation funded and led by the local business community. There are over 320 BIDs in the UK and over 60 in London, BIDs are leading on the delivery of bespoke solutions to local business priorities.
Stratford Original BID is funded by local businesses within the area boundary. The BID levy is raised in addition to business rates. We have also been successful in securing external funding for £425,000 over the first term. The Executive Team is overseen by a Board of volunteer Directors made up of local businesses owners and managers who dedicate their time to moving Stratford forward.
Due to National legislation, BIDs have a five-year lifespan. They are established through a democratic ballot. Every five years, local businesses have the chance to vote in favour (or against) the establishment of such organisations. As a majority of Stratford businesses voted yes in the renewal ballot the second term of the BID will run from 1 April 2020 – 31 March 2025.
A mandatory levy of 1.5% is applied in addition to business rates. Businesses based within the Stratford Centre pay a discounted levy of 0.75%.
This means that if your RV is £12,000, your levy will be £180 per year. If you are a registered charity, then you are in for an 80% discount on your levy.
Businesses who are within the boundary area and have an RV below the minimum threshold of £12,000 can remain involved with the activities of the Stratford Original BID by opting into the Stratford Original BID Business Club. Business Club members will, however, not be eligible to vote at any renewal ballot.
From its inception, Stratford Original BID has grown to become a vital mechanism for the business community to deliver initiatives to fulfil the potential of the original Stratford.
If you have any ideas, suggestions or would like to be more involved, please get in touch via email, phone or just come and say hi to us in our office.
We welcome any opportunity to talk through our Moving Stratford Forward proposal.