Stockport Town Centre’s businesses have shown their support and commitment to the town centre and voted YES in favour of a Business Improvement District – Stockport’s BID.
The results of the Stockport Town Centre BID Ballot were counted during yesterday evening, Thursday 27th October 2016, which revealed a majority ‘Yes’ vote and overwhelming support for the scheme.
The Stockport BID will unlock almost £2.5m of additional funding, specifically ring-fenced for the town centre, over the next 5 years.
A majority of the Business ratepayers in the proposed BID renewal area who voted, voted for the proposal, both by aggregate rateable value and numbers voting. A total of 193 businesses took part in the ballot with 125 in favour, representing 64.7% majority by number.
Jean Walker, Chair of Vision Stockport who initiated a BID in Stockport said: “I am absolutely delighted that Stockport is now a BID area. The team at Vision Stockport have worked hard over the past 18 months to bring this about with support from Stockport Council. It is excellent to see that so many town centre businesses share our vision for a vibrant and exciting future for Stockport.
“Our first priority for the Stockport Town Centre BID is to establish an initial interim Board of Directors to start overseeing the delivery of the BID programme, ensure that funds are invested responsibly in areas that will make the maximum impact and work towards a special general meeting (SGM) to create a board that will take things forward.”
Stockport Town Centre BID becomes the 252nd BID to be approved in the UK.
From 1st April 2017, approximately £480,000 will be available to spend on projects during the next 12 months that the businesses themselves have indicated as priorities, bringing vitality and viability to the centre.
Councillor Kate Butler, Stockport Council’s Executive Member for Economy and Regeneration, said: “It’s fantastic that our town centre businesses have voted in favour of a BID. This scheme will really complement all the regeneration work that the Council is doing around town as part of our Investing in Stockport programme. We will continue to work with our local business community to make Stockport an even better place to live, work and visit.”
The result was delivered following over 18 months’ of hard work by Vision Stockport, a group of local businessmen and women, with support from Stockport Council.
Now that the town’s businesses have shown their support for the scheme it is hoped that further funding can be secured through additional contributions. Businesses on the outskirts of the town, or indeed those within the town under the £10,000 threshold, who will benefit from a more vibrant, successful town centre are invited to contribute £100 to enable more to be achieved.
To find out more about the Stockport Town Centre BID visit: www.visionstockport.org
The Stockport Town Centre BID Ballot was carried out by independent electoral services provider UK Engage www.uk-engage.org