Businesses Renew Town Centre Business Improvement District |
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In a postal ballot run throughout January and February, Reading businesses sent a very strong message of confidence and have renewed Reading's Business Improvement District (BID) for a further five years.
The body proposing the BID is Reading UK CIC, the economic development company for Reading, which will continue to delegate the management of the BID to a committee of its Board of Directors. The Committee consists mainly of BID levy payers and will be expanded to take account of the larger geographic area of 'BID2'. Reading was selected as a pilot location for BIDs in 2003, and remains the only BID in the Thames Valley. The Reading BID covers the heart of central Reading and includes: Broad Street, Butter Market, Chain Street, Cross Street, Friar Street, High Street, Market Place, Queen Victoria Street, Station Road, Union Street, West Street, King Street, St Mary's Butts, Duke Street, Gun Street; and parts of Blagrave Street, Bridge Street, King's Road, Oxford Road, and The Forbury. Although The Oracle and Broad Street Mall are not in the BID, they will continue to make significant voluntary contributions for each year that the BID is in operation, as will PRUPIM, a founding Member of Reading UK CIC. BIDs originated in the US and Canada and were introduced to the UK by an Act of Parliament in 2004. The innovative concept involves businesses contributing an annual levy on their business rates, which is then used solely to fund additional improvements to the trading environment. A successful BID requires the support of over 50% of businesses that cast their votes in a postal ballot. Once this trigger is reached then every single business in the area is required to contribute. The full Business Plan can be viewed here. |
