New West End Company has created proposals to establish a Property Owner Business Improvement District in London’s West End. Over the past ten years New West End Company has been promoting, managing and influencing the success of the world’s top shopping destination. This work has delivered substantive results to improve and enhance the retail trading environment of London’s retail heartland. This includes provision of Welcome Ambassadors, additional cleansing, marketing, promotions, Christmas lights, lobbying on issues such as Chinese Visas and Sunday trading and other strategic and Public realm improvements. Currently the business represents 350 hereditaments centred round Bond Street, Oxford Street and Regent Street. Over the next five years their pledge is to make the West End’s retail heartland the world’s number one choice for real estate investors, retailers and shoppers. An influential business voice: To be a leading West End business voice representing retail real estate interests locally, in London and nationally to shape policy, secure greater funding, increase turnover and encourage business investment. Sustainable placemaking: In the short and long-term, to be a catalyst for change and to secure funding for environmental and streetscape improvements. Working with the West End Partnership, Westminster City Council and Transport for London to deliver a number of schemes in the area, maximising the benefits of Crossrail by boosting values, increasing consumer spend and future-proofing our economic position. Global profile & position: To provide a robust destination marketing response to global and local competition by raising the West End’s retail profile to attract greater spend and a unique retail mix, through above and below the line campaigns, global events and promotions. GOVERNANCE The Company New West End Company is a company limited by guarantee. It has British BIDs Advanced Accreditation status, the highest standard achievable. New West End Company is the BID proposer for the Property Owner BID and is the legal entity that, assuming a successful ballot, will run the activities of the Property Owner BID for the designated BID area. The BID will be governed by New West End Company and, in keeping with regulations, will have a separate budget accountability and business plan. Financial Management The financial arrangements will continue to be monitored through the Operating Agreement in place between New West End Company Ltd and Westminster City Council. THE BOARD The New West End Company Board will meet quarterly and drive the longer-term ambitions of the company, as well as performing the corporate governance role setting the strategy, overseeing the budget and monitoring performance. The high level Board will consist of a maximum of 15 Directors including the Chairman. Those attending in an ‘observer’ capacity could include representatives from Westminster City Council, Transport for London and the Mayor’s Office. The Property Group The Property Group will report to the Main Board. The Group will meet quarterly and will oversee the delivery and measurement of the Property Owner BID Business Plan. The Property Group will consist of a maximum of nine members made up of liable property owner BID members. Managed by the Property Group Chair, attendance will be open to other main Board Directors, advisors, specialists and relevant project partners, as appropriate for each meeting. The Chair of the Property Group will be a Director on the Main Board. A Property Owner BID (PO BID) will be established if a number of qualifying hereditaments of Property Owners in a given geographical area, who are eligible to vote on a PO BID Proposal, vote in its favour. The ballot needs to satisfy two tests. It needs to achieve a majority in number of those hereditaments and a majority in proportion of Rateable Value of hereditaments voting. The PO BID levy can only come into effect if both these tests are met. The PO BID levy is then applicable to all eligible Property Owners. All eligible Property Owners will be entitled to one vote per hereditament. Some Property Owners with more than one hereditament within the area will, therefore, be entitled to more than one vote. SUMMARY OF THE PROPOSED BID ARRANGEMENTS FOR: – PROPERTY OWNER BID 2015/2020 – Bond Street, Oxford Street & Regent Street Information supplied by Westminster City Council