We are delighted to announce that the Renewal Ballot for Otley Business Improvement District (BID) to continue for another 5 years has been approved today (Monday 13th November 2023) by Leeds City Council’s Deputy BID Ballot Holder.
As outlined in our 2024-29 Business Plan, for the ballot to be approved, two tests must be met:
- More than 50% of those voting must vote YES : we received 73.81%
- Those YES votes have to represent more than 50% of the total rateable value of all votes cast : we received 58%
The full Declaration of Result document can be seen below.
WHAT HAPPENS NEXT?
As a YES vote has been secured the management and operation of Otley Business Improvement District will once again be undertaken by a company limited by guarantee – Otley BID Ltd.
All businesses within the Otley BID area (the members) will be required to pay their annual BID levy for the next 5 years (2024-2029), and are eligible to join the Board of Directors (subject to member vote approval).
The Otley BID Board completely controls the funding and activities in the BID area, in line with the 2024-29 Business Plan which is what members have voted on.
ABOUT OTLEY BID:
We are a limited not-for-profit company funded by a small levy (1%) on all businesses within the Otley BID area. It is run by a voluntary board of directors drawn from fellow business owners, people with the same business aspirations as you.
Under UK national regulations, BID’s have to re-ballot every five years and every business which pays the BID levy has the opportunity to vote.
We would like to take this opportunity to thank everyone who took the time to vote and we look forward to continuing to support our members in making Otley a thriving business community by investing £350,000 into the town over the next 5 years.