BROMLEY TOWN CENTRE VOTES ‘YES’ IN BUSINESS IMPROVEMENT DISTRICT BALLOT
Businesses in Bromley town centre have voted in favour of the area becoming a BID – Business Improvement District.
At least £3million of additional investment will now flow into Bromley town centre following the ‘Yes’ vote.
The voting approval for a Business Improvement District (BID) in Bromley town centre gives businesses a greater say in how the town is managed.
It follows the outcome of a four-week ballot which saw a majority of businesses voting for the BID proposal. The total number of votes cast was 183, representing a turnout of 33 per cent. In total, 85.8 pc voted in favour, representing 90.4pc of the rateable value of votes cast.
“This is very positive news that will build on the successful initiatives already underway or completed” said Bromley’s executive councillor for renewal and recreation Cllr Peter Morgan.
“It puts real power in the hands of businesses and we have worked with businesses all the way along this process and are committed to working closely with them going forwards to best position Bromley town centre for the competitive pressures ahead.”
Kate Miller, chairman of the Your Bromley BID company, welcoming the news, said: “We are delighted that businesses have voted in favour of the setting up of a BID for Bromley. “We now look forward to getting to work on delivering the projects and initiatives outlined in the business plan”.
The Bromley town centre BID will give businesses a greater say in how the town is managed, with the initiative approved by the council’s executive in the summer and £80,000 of council grant funding to help develop a business plan for the Your Bromley BID company.
The Your Bromley BID company were also awarded £20,000 of grant funding from the Mayor of London to put towards BID development. The news follows a successful BID in Orpington, with Orpington1st operating as the BID company since 2013.
The main themes are Bromley made safer, Bromley made smarter, Bromley made prominent and Bromley made for business and further information is available at www.bromleybid.com website.
The BID ballot zone included the whole of the High Street, Elmfield Road, the Bromley North Village area and both intu Bromley and Bromley Mall. Your Bromley BID will start operation in April 2016 and run for a five-year term.
The BID will be funded by a levy that members pay, with the amount each business pays being based on their rateable value. The levy rate will be 1.25pc.
Bromley BID’s levy payers will be those businesses with a rateable value of in excess of £15,000.
The area it will cover includes the shopping centres, Bromley South, Pedestrian High Street, Upper High Street, Bromley North Village and Elmfield Road Business District. (Source: Bromley council press release)