Businesses in Kidderminster town centre have voted in favour of a creating a Business Improvement District (BID).
A majority of firms backed the plans to set-up a Kidderminster BID. The ballot has been taking place over the past month and it was announced today (Friday 17 May 2019) that almost 55% of companies were in favour of it.
A BID is a precisely defined geographic area in which companies pay a small extra levy on their rates to fund additional services such as events and initiatives to boost footfall and foster growth. The businesses will pay a 1.5 per cent levy on the rateable value of their company, starting in April 2020.
The BID will give businesses a greater say in how the town centre is managed. Typical outcomes generated by other BIDs include a reduction in crime, increased vibrancy of a town, increased footfall and consumer spend, increased property values and a better perception of the town.
Ian Miller, the ballot holder who is also the returning officer for Wyre Forest, said:
“I was pleased to announce that businesses in Kidderminster town centre have voted to support the business improvement district. Almost 55% of businesses that voted were in favour and the majority by rateable value was even greater, at nearly 64%.”
Mike Parker, Corporate Director: Economic Place and Prosperity, said “With the ‘Yes’ vote achieved today, businesses have used their collective voice to endorse the BID plans. The levy will raise over £1m over the next 5 years which will be invested into the town as the businesses determine. The next step will be to establish a BID company to oversee the delivery of the proposals.
“There is no doubt that it is a challenging period for town centre businesses but this vote will allow for innovation to come forward and bring further investment into the town, which will be good for business, shoppers and visitors alike.”