It’s a YES – another five years for Luton BID
Businesses in Luton town centre have voted in favour of plans to renew the Business Improvement District (BID), securing a further £2million to be spent on improving the area.
68% of businesses by number and 73% by aggregate rateable value voted in favour of the BID.
As a result of this YES vote the renewed Business Improvement District (BID) plan will come into effect on 1st January 2020.
Businesses with a rateable value of £12,001 or above will pay a levy based upon their rateable value, creating a collective fund of more than £2million to spend over the next five years on projects across four agreed priority areas.
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Gavin O’Brien, Co-Director of Clearhead, who chairs the Luton BID Board said:
“This is excellent news for Luton and huge congratulations must go to all the businesses that joined forces to ensure we secured today’s yes vote. Our BID will continue to be led and driven by the businesses themselves and this funding and commitment of collaboration will enable us to build on the area’s already established strengths and assets.
“Our thanks must also go to all those who engaged in the process by sharing their ideas and opinions on how we can continue to deliver and improve on the first five years of the BID and who, ultimately, voted in favour of the plans.”
The Luton BID Plan 2020-2025
The 2020-2025 vision: ‘Support business growth and investment in the town centre and build pride, loyalty and positive perceptions of Luton as a whole.’
The BID recognises that doing more of the same as it did in the first term will not be enough to change the fortunes of town centre businesses. It needs to exert influence on initiatives which will create a radical change to the built environment of the town centre, re-balance the business mix and ensure that the town works effectively from a visitor, residents and business perspective.
The BID will act as a catalyst for businesses and organisations to come together and play a key role in this new and exciting era in the life of this town. There are four key objectives. These can be read in full by following the links to the BID Prospectus and the ‘Full Luton BID Proposal and Business Plan’.