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) for a further five-year term.
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 Cambridge City Council and other public bodies.
Cambridge BID proposed that the BID should be renewed for a third consecutive five-year term, from April 2023 to March 2028; and this has been subject to a 28 day postal ballot, administered by Civica under the 2004 BIDs legislation.
The BID proposal involves a 1.25% levy on occupiers of non-domestic properties with a rateable value above £34,500, which would generate close to £6.5m over five years to support activities enhancing the city centre for those living, working and visiting there.
The ballot result was: 84% of votes in favour of the BID’s third term proposal, representing 92% of the rateable value of the votes cast
Cambridge City Council is responsible for organising and managing the Cambridge BID ballot.
Cllr Alice Gilderdale, Executive Councillor for Recovery, Employment and Community Safety, said: “I am very pleased that Cambridge BID’s plans have been strongly endorsed by local businesses as they look to work through a very difficult period for many following the challenges brought about by the pandemic and the cost of living crisis.
“This result will help to secure the future of a number of vital services and projects for city centre businesses and the wider Cambridge community.
“We look forward to continuing our joint work with Cambridge BID to support both residents and visitors to make the most of all that our magical city has to offer and support its sustainable recovery.”