After over two years of meetings, discussions and debate, business owners of Banbury voted ‘Yes’ to a Business Improvement District or BID.
Voting closed at 5pm on Tuesday, November 14 with a little over 500 businesses eligible to have their say.
In all there were 158 votes cast, 107 in favour of the BID with five ballot papers rejected. This equates to almost 30 per cent turn out with 67 per cent in favour.
The future of a BID also hinged on the total rateable value of the businesses that voted for it being larger than those who opposed it.
The average rateable value of all 158 voting businesses was £6M, the average of those who voted in favour was £3.6M.
Nick Poole, chairman of Banbury and District Chamber of Commerce, who was instrumental in proposing and campaigning for a BID, said: “I would like to thank the Board of the Chamber of Commerce and Cherwell District Council for their support and Heartflood director Chris Gregory for his tireless energy and infectious enthusiasm and professionalism in delivering this result.
“We are very much looking forward to doing whatever we can to support a successful BID over the next five years.”
The Banbury BID will focus on events and promotions to widen the towns appeal and increase footfall. It will also focus on better promoting the town via social media and other avenues.
The next step will be for the BID to be formed as a legal entity which will be in place for the next five years. BID events will be funded by a 1.5 per cent levy on all businesses which fall within the BID boundary and have a rateable value over a predetermined threshold.
Mr Poole added: “There are also many businesses within the BID area, large and small, who have rallied around with consistent support and effort to help make this happen.”