The BID is funded by a levy on each business located within the BID area. This is currently set at 1.03% of their rateable value (RV). Currently, 38% of businesses pay less than £200 in BID levy, but together they generate around £900,000 per annum in core funding. In addition to this core funding, additional contributions are received from a number of organisations, bringing the total funding over the 5 year lifetime of the BID to nearly £7 million.
Kingstonfirst has proved to be a catalyst for change as often, the input of BID monies into a project can attract match funding from partners- for example, the Castle Street redevelopment project. For this project £40k of Kingstonfirst money attracted £700k in public sector funding.
What is the money spent on?
For more information about what the money is spent on, you can view the most recent Kingstonfirst Business Plan here.
Additional contributions are received from the following organisations:
Canadian & Portland Estates Plc