Westmorland and Furness Council’s cabinet has given its unanimous backing to the Penrith Business Improvement District (BID), as local businesses take part in a ballot to secure a proposed third five-year term for the organisation.
First established in 2013, following enthusiastic backing from local businesses in a ballot, Penrith BID is one of hundreds of BIDs in the UK.
A BID is a defined area, whose businesses pay an additional levy on top of the business rates to fund projects within the BID area.
A board made up from local businesses runs Penrith BID, working together with businesses across the BID area to improve trading conditions in the town.
The BID also works closely with Westmorland andFurness Council, Penrith Town Council and other partners.
Penrith BID is funded by businesses with a rateable value above £4,000. Together, these businesses work to deliver the BID’s objectives through a series of initiatives, including the award winning Greening Penrith programme, Penrith Sparkle, a recycling initiative, promoting the town through Discover Penrith and offering training courses to local businesses.
Westmorland and Furness Council leader and portfolio holder for strategic partnerships and economy, Jonathan Brook, said: “Penrith BID has prepared an ambitious plan that builds on the successful work undertaken over its 10-year term and addresses the top business priorities of the town, as identified through consultations with local businesses.
“I’m especially keen that the council supports local businesses helping to deliver on the council’s own priorities around sustainable, inclusive, economic growth.
“This is essential for a thriving economy that delivers new business creation and high quality jobs for the area.
“That is why I’m delighted that the Westmorland andFurness Council cabinet was able to offer its unanimous support for a third term for Penrith BID.”
Westmorland and Furness Council owns a number of eligible properties within the BID area and will now exercise its votes in favour of a third term for Penrith BID.
In order to ensure a third term, Penrith BID must secure the support of a majority of businesses, both in terms of votes cast and their collective rateable value.
The postal ballot opened on 1st June, 2023, and all eligible business are being encouraged to return their ballot papers before the vote closes on 28th June, 2023.
For more details, including an online copy of Penrith BID’s New Term Business Plan for its proposed third term, visit www.penrithbid.co.uk
