Nuneaton and Bedworth Borough Council has welcomed the result of a formal ballot of local businesses to establish a Business Improvement District (BID) for Nuneaton.
Businesses voted during February on a proposal to set up a Nuneaton BID, and the outcome of that ballot was that the BID should go ahead, with 69 out of 80 businesses who took part voting in favour.
A BID is a business-led initiative that operates within a defined area, usually around a town centre, in which a levy is charged in addition to business rates to provide initiatives to improve the local trading environment.
Income from the levy is then used to develop projects that will benefit businesses in the local area, with businesses having a say on improvements they feel could be made in their town.
They are also able to identify further contributions they might be prepared to make.
BIDs can then deliver additional projects and services over and above those already provided by public bodies.
There are more than 200 BIDS already in place around the country.
Around 350 local businesses will be part of the proposed BID in Nuneaton, which will increase town centre investment by around £1million over the next five years.
Each business will pay a levy based on the rateable value of their premises, with the biggest traders paying the most.
Borough Council Deputy Chief Executive, Tom Shardlow, said:
“This result is an important step in continuing to build momentum in and around Nuneaton town centre.
“BIDs put more control and influence into the hands of local business owners.
“We will be looking to work in partnership with town centre businesses to make this body a powerful force for good in Nuneaton.
“The BID will hear ideas from local businesses who know their patch and know what their customers want.
“We believe it will help them shape the future of this part of the borough, and we remain keen to play our part.”