Liverpool firms vote to invest £3m in Commercial District Business Improvement District
The chief executive of the newly-created Commercial District Business Improvement District (BID) has said “the hard work starts now” after winning the approval of the city’s business community.
Paul Rice will today begin a five-year term that will see him oversee investment of £3m in the area, which will fund events, marketing and capital improvements. It will become only the third commercial district BID in the country.
He said: “We are delighted that we have managed to get the message across to businesses that, even in tough economic times, this small investment is worth making for the short to medium term benefit of the area.
“It’s an important step along the journey – we have been going for five years already. This puts us on a firm financial footing and means we can raise our game in terms of what we can do. The hard work starts now.”
The BID replaces the Liverpool Commercial District Partnership (LCDP), which Mr Rice also led, after it gained 60% of votes cast – 173 out of 289 – and 70% of the aggregate rateable value of those voting. It required a simple majority on both measurements in the ballot, which was managed by the Electoral Reform Society.
All businesses with a rateable value of £10,000 or more will be charged a levy equivalent to 1% of rateable value. Smaller companies, who were not balloted, will not be charged the levy.
The annual revenues raised cannot be used to fund statutory council services, but only “to add value to businesses in the area through additional services or activity beyond the remit of the public sector”.
The BID’s annual business plan has £125,000 allocated to capital projects – which is expected to be mostly matched by public sector funding – with a further £50,000 on events. £60,000 will be spent on operations while marketing will get £70,000.
Its overheads are budgeted at £150,000, with the balance going on inward investment support, transport and access, and contingency.
“We are not going to run out and splash the cash,” said Mr Rice. “We have got a few things, like hanging baskets, that people will notice soon. But we will be looking to invite businesses to events to see what their requirements are. We have got the top line figures in the business plan, but we want to talk to businesses about what will really make a difference to them.”
The Commerical District BID will form part of the Liverpool BID Company, joining City Central BID which has covered the retail heart of the city since 2005. It will share a board of directors, which will be beefed up by some appointments, although the commercial district already has representation in the form of Liverpool Chamber of Commerce chief executive Jack Stopforth and Liverpool Vision chief executive Max Steinberg.
The BID area boundaries are formed by King Edward Street and Leeds Street in the north, Pall Mall, Moorfields and Stanley Street in the east, Lord Street and James Street in the south, and New Quay and The Strand in the west.
It borders City Central BID and Liverpool One and Mr Rice believes linkages between the organisations will be important to enable the city to be “joined up” better than it has been.
He became chief executive when LCDP was formed in 2006, moving from his role running Manchester’s Piccadilly Partnership.
The organisation was backed by developers Albany, Downing and Bruntwood, who remain involved through regional director David Guest, who was chairman of the partnership.
[Image Paul Rice at yesterday's announcement]
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