Lowestoft Vision was officially formed as a Business Improvement District (BID) on the 1st August 2013 following businesses voting yes to contributing funds to make improvements to the town.
BID’s are national schemes under the Local Government Act 2003, Business Improvement District (England) Regulations 2004 which enables communities to form an organisation which raises money through a levy on the rateable value of business premises. The levy is then ring-fenced for projects in the town with those businesses helping to set the priorities of the projects.
During April 2013 businesses within the proposed BID area were sent a prospectus about what a BID could provide in Lowestoft. Businesses with a rateable value of £8,000 and above were then given the opportunity to vote for or against the proposed BID. To achieve the BID more than 50% of businesses voting needed to vote yes. In addition the aggregate rateable value of those voting had to be above 50%.
On the 22nd May 2013 Electoral Reform Services announced the result, with 80% of Businesses voting yes with a rateable Value £3,610,000 out of a possible £4,622,550.
Following the announcement the BID was formed and officially launched on the 1st August and will deliver a range of projects until August 2018 before businesses have the opportunity to vote to extend the BID for a further five years.
Lowestoft Vision is managed day to day by Suffolk Chamber of Commerce and employes two members of staff to deliver and develop projects on behalf of businesses.
The BID has four company Directors who oversee the development of the BID and a Management Board made up of 20 levy payers who help set priorities and guide BID projects.
All Levy payers are invited to attend Lowestoft Vision Forums where they can help set future plans and projects.
Lowestoft Vision has five key aims of Making Lowestoft More Secure, More Appealing, More Attractive and More Accessible.
For information on Lowestoft Vision achievements to date please see the reports below