Exeter City Council has approved a £7,000 budget to run a ballot for local businesses to decide whether Exeter’s Business Improvement District should continue to operate for a third five-year term from April next year.
The Business Improvement District, which is branded as InExeter, charges a levy of 1.25% of the rateable value of all of the 670 businesses located within its operational areas whose premises have a ratable value of at least £7,500.
These cover of a total of 44 streets including Fore Street, Exeter High Street and part of Sidwell Street. They also include Princesshay and Guildhall shopping centres and the areas around the cathedral and castle, as well as Magdalen Road.
In return the Business Improvement District provides services and support to businesses in its operational areas and is responsible for the city’s Christmas lights, among other things.
It is run by a board of directors which is drawn from local venues and businesses and led by CEO Nicola Wheeler.
InExeter Business Improvement District operational area map. Image: InExeter.
The city council collects the levy on the Business Improvement District’s behalf, for which it charges £12,000 plus VAT each year.
If it continues for a third term, the Business Improvement District plans to increase its levy to 1.5% from 2025. It may then increase it by another 0.05% in each for the following four years of the term.
It expects to generate income of £2.8 million from the levy between 2025-30, based on its current 95% levy collection rate.
The Business Improvement District was set up in 2015. It was renewed for a second five-year period in 2019 after 72% of the businesses which took part in the ballot voted in its favour. The turnout was 48%.
The ballot will take place from 24 October-21 November and the results are expected the next day.
