City centre business could fund new festivals and events, enhanced Christmas lightning and additional street cleaning under a new scheme proposed by Peterborough City Council’s cabinet.
It is hoped more than 500 firms will join the new Business Improvement District (BID) zone which covers Queensgate Shopping Centre, Bridge Street, Peterborough United Football Club and the new development at Fletton Quays.
BIDs are funded through a levy on business rates, usually one to one-and-a-half per cent.
There are 300 established BIDs across the UK already including in Cambridge, Northampton and Nottingham.
Cabinet member Cllr Steve Allen said: “It will give enormous support to the businesses in the city centre.”
The cabinet unanimously agreed to develop the BID.