Penrith Businesses Vote Yes to Industrial BID
Eligible businesses within the industrial estates in Penrith have been voting on whether they support a five year period of a Business Improvement District (BID) through a postal ballot that ended on 26 April 2018.
For a BID to be successful, two threshold tests have to be met in the ballot: 1. More than 50% of votes cast (turnout) must be in favour of the BID; and 2. 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 74 representing a rateable value of £1,814,675. The votes in favour were 57, representing £1,526,825 RV and therefore meeting both threshold tests.
Eden District Council voted yes in respect of each of the Council’s properties within the BID area. The Council’s Commercial Services Portfolio Holder, Councillor Mike Slee, said: “I am delighted that local businesses have endorsed the Penrith Industrial Estate Bid. They have put together a strong business plan for how they will use the monies generated by the BID levy over the next five years and our Economic Development team will be working to help support these aims.”