7—(1) BID proposals are not to be regarded as approved by a ballot held for the purposes of section 5(1) unless four conditions are satisfied.
(2) Except where section 8 applies, the four conditions are those set out in subsections (3), (4), (5) and (6).
(3) The first condition is that the number of votes cast in favour of the BID proposals exceeds the number of votes cast against those proposals.
(4) The second condition is that A exceeds B.
(5) The third condition is that at least 25% of the eligible ratepayers entitled to vote in the ballot have done so.
(6) The fourth condition is that the total of A plus B is equal to at least 25% of the aggregate of the net annual values of all hereditaments in respect of which an eligible ratepayer is entitled to vote in the ballot.
(7) “A” is the aggregate of the net annual values of the hereditaments in respect of which an eligible ratepayer voting in the ballot has voted in favour of the BID proposals.
(8) “B” is the aggregate of the net annual values of the hereditaments in respect of which an eligible ratepayer voting in the ballot has voted against the BID proposals.
(9) For the purposes of subsections (6), (7) and (8), the net annual value of a hereditament is that shown in the NAV list on the day of the ballot.
(10) In this section “net annual value” has the same meaning as in the Rates Order.