Result of BID renewal ballot

News release from 3 November 2017, 3:56pm

THE RESULT of a ballot among non-domestic ratepayers in Cambridge city centre has approved the renewal and extension of the Cambridge Business Improvement District (BID).

Cambridge BID is a business-led, independent, not-for-profit company, funded through an annual levy from businesses within its boundary area. All of its projects and services are in addition to those provided and funded by the City Council and other public bodies.

Cambridge BID proposed that the BID should be renewed for second term and this has been subject to a 28 day postal ballot, administered by the Electoral Reform Services under the 2004 BIDs legislation.

The BID proposal involves a 1% levy on occupiers of non-domestic properties with a rateable value above £30,000, which would generate £4.5m over five years to support activities enhancing the city centre for those living, working and visiting there.

The result announced today is:

Total number of votes cast in the ballot, excluding any given on ballot papers rejected

  315

Aggregate rateable value of each hereditament in respect of which a person voted in the ballot

£64,616,750

Total number of votes cast in favour of the proposed Business Improvement District for Cambridge

  252

Aggregate rateable value of each hereditament in respect of which a person voting in   the ballot has voted in favour of the proposed Business Improvement District for Cambridge

£54,382,500


Cllr Lewis Herbert, Leader of Cambridge City Council, said: “This result secures the future of a number of vital projects for city businesses and Cambridge, and will generate major additional investment and community benefits for our great city.

“The future Cambridge BID plans have been overwhelmingly endorsed by local businesses, which is just reward for what the BID partnership has already achieved and will now achieve.

“We look forward to continuing our joint work with the BID on exciting new projects over the next five years, creating a city centre everyone enjoys each time they are here and keeps them coming back for more.”