Farron calls on Kendal businesses to make themselves heard over BID
South Lakes MP Tim Farron has asked Kendal businesses to make themselves heard over plans for a Business Improvement District (BID), at the final consultation meeting to talk about the BID which takes place next Wednesday.
The last of the drop in meetings being hosted by Kendal Futures is being held at the Riverside Hotel on Wednesday 5th December from 6-7pm.
A Business Improvement District (BID) is an area within which the businesses agree to invest money to enhance the trading environment. Money is collected by an independent company, set up and owned by the local business community and is spent on providing services identified by local businesses.
For a BID to go ahead a formal ballot is held which must be won on two counts: straight majority and majority of rateable value. This ensures that the interests of large and small businesses are protected. A BID company can be formed for a maximum of five years before it has to reballot the businesses in the area.
On average businesses pay 1% of the rateable value of the commercial property. For a commercial property with a rateable value of £8,000, the business would pay an additional £80 a year.
Kendal's scheme follows the news that the Business Improvement District in Penrith has been approved.
Tim said: "I hope that local businesses get involved, ask questions and get all the information they need to make their decision. A Business Improvement District here would enable the creation of ring fenced funding that could only be spent by local businesses on projects to benefit local businesses. This could potentially be a very good thing.
"But that has to be balanced by the fact that many local businesses tell me that they can't afford more expense at the moment - so this is why I think it is vital that we find out everything we can about the pros and cons of the scheme."