Your questions answered

Why was there a ballot in November 2014?

For a BID to be set up, there needs to be a ballot of eligible businesses. The ballot asked a simple question: ‘Are you in favour of the proposals for the Stratford Business Improvement District?’ In order for the BID to come into existence, a simple majority of those voting must vote in favour. But their votes must also represent a majority of the aggregate rateable value of the properties that vote. If you or an appointed representative of your company wish to be involved in the acvities of the BID, please contact the Stratford Original Team.

Who was eligible to vote in the BID ballot?

If your business premises falls within the proposed BID area and has a rateable value above £10,000 you were eligible to vote in the BID ballot.

How is Stratford Original BID funded?

Following on the successul ballot, Stratford Original is funded by an annual levy of 1.5% of the rateable value on all eligible businesses. If the rateable value of your business premises is £50,000, you pay £750 p.a. If you are a tenant of The Stratford Centre, with your entrance facing into the centre, you pay 0.75% of your rateable value, if your rateable value is £100,000, you will pay £750. Registered charities receive a discount of 80%.

How is the BID levy collected?

The BID levy is collected through the current Business Rates system administered by the London Borough of Newham and it is a separate bill payble on top of the Business Rates. The levy is amended on an annual basis in line with inflation, at a rate to be agreed by the Stratford Original Board. Stratford Original will be clear and transparent about how is spending the money. There will be regularly updated information about income and expenditure available to all members of the BID.

Why do my business rates not cover this?

A BID in Stratford is a privately funded, business-led initiative with funds that are managed by you. It provides additional services above those offered by the local authority and other statutory agencies. The BID signed a Baseline Service Agreement with Newham Council that legally establishes what the local authority already delivers and will monitor this agreement.

How long will the BID last?

The BID lasts for 5 years, meaning guaranteed investment in Stratford until 2020. If businesses want the BID to continue beyond 2020 you will make this decision through a renewal ballot process.

How can I be represented?

Stratford Original BID is a not-for-profit company limited by guarantee. The first AGM took place in October 2015. All businesses that were eligible to vote and that pay the levy may become members of the company. Any member can stand for election to the Board.