Cheltenham Business Improvement District (BID) has been given the go-ahead after a vote by the town’s businesses.
After a month-long postal ballot, nurse it was announced today (Friday April 29th) that a majority of businesses are in favour of a BID for the town centre.
Some 256 votes were cast in the ballot, physician with 185 in favour, generic which represents 72% in favour and 28% against.
It is the first BID to be set up in Gloucestershire and means that Cheltenham businesses will have the chance to lead the way on important projects that will make a real difference.
The BID will generate around £440,000 a year – £2.15 million over its initial five-year term. It aims to make Cheltenham a vibrant and prosperous town where businesses flourish and visitor numbers increase.
The projects will centre on marketing and promotion, parking and accessibility, town centre events, business support and public realm improvements.
Terri Brewster, chair of the BID Project Team and Cheltenham Business Partnership, said: “From the outset, there was a positive response to the proposals, which have been driven throughout by the businesses themselves. It is fantastic that the enthusiasm has now led to a Yes vote, which we believe will make Cheltenham a better place for businesses, residents and visitors alike.
“We will be making significant, targeted and sustained investment in Cheltenham and attracting additional funding from other sources.
“Our businesses will continue to be at the centre of the decision-making process as we look to make our mark over the next five years.”
The BID company will now be set up and will start operating on August 1 this year. Over the coming weeks a board of directors will be chosen from a wide mix of businesses in the BID area and staff will be appointed.
The BID will cover the High Street, Promenade, Montpellier and Brewery Quarter areas of Cheltenham town centre.
In supporting the BID, businesses have agreed to pay a levy of 1.25% of the rateable value of their premises and the BID will also look to attract extra money from other funding sources.
All projects are in addition to services already provided by public bodies like the borough and county councils and the police.