A Business Improvement District for Penrith?

What is a Business Improvement District?

A Business Improvement District, or BID, is a defined area in which businesses and the local authority agree to work in partnership to develop projects and services that will benefit the trading environment.

These projects and services are presented as a draft plan and if more than half of business ratepayers in the defined BID area vote in favour of the plan, and represent more than 50% of the rateable value, then the projects in the plan will be implemented through a levy (of 1 to 5% as agreed by the businesses) charged in addition to the standard business rates.

Potential benefits include:

• economic growth;
• rise in levels of investment into and within the town;
• a raised profile and competitive advantage;
• new initiatives and partnership working;
• a means to sustain investment beyond the short-term;
• a positive "sense of place" and enhanced community pride in Penrith.

Why is it needed?

In recent years many businesses have expressed concerns for the future of the town and in 2008 local businesses, voluntary organisations, Eden District Council and other public sector bodies agreed on 'the need for all to work together to secure the sustainability of the town'. The Vitality of Penrith partnership was formed and this initiative, to encourage businesses to collectively take action to improve the trading environment of Penrith is a priority.

What do you think?

Can a BID have a positive impact on Penrith? Please help us to consider the merits of creating a BID in the town by answering the key questions we are addressing and sharing your thoughts with us.

What do you think are the main challenges facing businesses in Penrith today?

What threatens the future prosperity of the town?

What do you think makes Penrith a good place to invest in or run a business?

What practical measures or actions do you suggest are needed to improve business in the town?

THANK YOU FOR YOUR HELP

Have your say!

Watch out for details of forthcoming events designed to encourage your participation in this important work.

Want to know more?

Contact Chris Kolek, the Penrith BID Canvasser at:

Tel: 07900 608085
Email: PenrithBID@penrithchamberoftrade.co.uk