Peterborough BID given green light
The Peterborough Business Improvement District (BID) has been given the green light.
A spokesman for Peterborough Positive said; “Peterborough Positive is delighted to announce that the city’s BID scheme will be going ahead after a successful ballot over the past month. The ballot received almost 84% of Yes votes to secure £1.8 million of funding for Peterborough city centre over the next five years.”
The decision comes after years of hard work by city business leaders. They were buoyed by the successes achieved by similar Business Improvement Districts (BIDs) in other cities across the UK.
Plans for the Peterborough BID were first proposed about three years ago and Peterborough Positive, chaired by Mark Broadhead, who is also director of the Queensgate shopping centre, was created to oversee the preparation of a business plan and the vote.
Peterborough City Council agreed a £125,000 loan to Peterborough Positive to fund the development of a BID for the city.
However, a BID can only be set up after a vote of businesses within a determined area and hopes of an early vote were scuppered by the outbreak of Covid-19 and repeated lockdowns.
Some 419 businesses in an area from the train station to just beyond the cathedral and between Fletton Quays and the Broadway were eligible to vote for or against the creation of Business Improvement District.
They had to decide by both a simple majority and with the total rateable value of businesses voting in favour greater than those voting against, if they wanted to be part of the BID initiative to enhance the city centre.
Under BID rules, businesses valued at £15,000 and above pay a levy of 1.5 per cent of their rateable value to the BID.
It will generate £1.8 million over five years for works and events to improve the centre.
Plans for the BID envisage it addressing four key priorities, that were put together following consultation with businesses.
Safety - delivering a coordinated approach to ensure Peterborough offers a well-managed, welcoming and safe city centre.
Events - creating a memorable experience for all city centre users.
Marketing - providing a robust marketing strategy that promotes the Peterborough Positive brand across the city and beyond, attracting shoppers, tourists and business investment opportunities.
Community - building a business community within the city centre, improving communication between businesses as well as with Peterborough City Council and stakeholders.