Penrith Business Improvement District (BID)
Penrith BID history
The proposal to establish a BID for Penrith was formally announced on the 3 December 2013 and came into effect on the 1 April 2013. The total number of votes cast was 170, representing a rateable value of £5,068,400. The votes in favour were 138, representing £4,392,900. A renewal ballot took place in November 2017 for a further five year term.
Penrith BID renewal ballot and results
A ballot was held on 30 November 2017 on the proposal to renew the Penrith BID for a further five year term, from 2018 to 2023.
For the BID to be renewed for a further five years, two threshold tests had to be met in the ballot:
- More than 50% of votes cast (turnout) must be in favour of the BID; and
- The positive vote must represent more than 50% of the Rateable Value (RV) of the votes cast.
The total number of votes cast, excluding rejected ballot papers, was 183, representing a RV of £5,661,400. The votes in favour were 135, representing £3,740,200 RV. Both of the threshold tests were met and therefore Penrith BID will be renewed for a further five year term.
On Penrith BID’s website there is a copy of the Penrith Business Plan for the second term.
Support for the Penrith BID
In 2012, we backed the Penrith BID proposal and voted yes in respect of each of the properties we pay rates for within the BID area. We supported the yes campaign to help convince local businesses of the merits of the proposal, which has the potential to raise £500,000 over the next 5 years.
At a full Council meeting on 9 November 2017, Members decided to vote yes to the BID renewal in respect of each of the properties we pay rates for within the BID area. Our Members also agreed to pay a voluntary levy for those Council-owned properties which fall below the threshold of £4,000, to further support Penrith BID in their activities over the next 5 years.