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Decision details

Loan to the Sheffield Business Improvement District

Decision Maker: Cabinet Member for Culture, Parks and Leisure

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

To enable a decision to be taken following a request from the Sheffield Business Improvement District (BID) Board for a financial support package to enable the BID to be able to continue to operate from March until August at which point a new levy will be collected.

 

 

Decision:

That the Cabinet Member for Culture, Parks and Leisure:-

 

(a) agrees for the Council to pay a £70,000 loan to the Sheffield Business Improvement District following a successful ‘Yes’ vote;

 

(b) agrees for the Council to enter into a loan agreement, as further outlined in the report, with the Sheffield Business Improvement District which will allow an annual repayment plan over the five year term at ‘0’ percent interest rate; and

 

(c) to the extent not already delegated to them by the Leader’s Scheme of Delegation, delegates authority to the Executive Director of Place, in consultation with the Director of Legal and Governance and the Director of Finance and Commercial Services, to take any other decisions necessary in order to meet the aims and objectives of the report.

 

 

Reasons for the decision:

The BID plays a strategic role in the city centre by adding value and enhancing the offer to improve the business environment. There have been challenges over its first term, however, the BID concept is one that most city centres need and if delivered effectively will continue to enhance the city centre.

 

The BID represents over 500 businesses and generates over £800k per annum which is directly invested into enhancing the city centre.

 

Through this loan the City Council will be ensuring the BID continues to operate effectively from March to August whilst allowing levy payers the maximum opportunity to recover from the pandemic.

 

 

Alternative options considered:

Do Nothing - This would mean the BID has to stop all core services until August due to cash flow.

 

Publication date: 01/04/2021

Date of decision: 25/03/2021

Effective from: 10/04/2021

Accompanying Documents: