Voting has begun in Bromley’s Business Improvement District (BID) ballot, and eligible businesses have until 5th November to make their vote count. As the vote opened, Bromley Council announced that they would be voting “yes” in the ballot.
If the vote for the Bromley BID is successful, it will provide local businesses with more of a say on management issues and help to generate additional investment in the local area. In order to be successful, the ballot needs to pass by a dual mechanism. This will be calculated based on the highest number of votes and how the majority of the rateable value of the businesses is represented. The Bromley BID will operate over five years from April 2016 if the vote is successful.
All businesses within the BID area that have a rateable value of at least £15,000 are entitled to vote. The BID area includes Bromley High Street, Bromley North Village, Elmfield Road, Bromley Mall, and intu Bromley. The results will be announced in November.
Estimates suggest that a “yes” vote will generate a minimum of £3 million for the town centre over the period of the BID. The money will be allocated by a board that is made up of local business representatives.
Further information can be found on the Bromley BID website.
Are you eligible to vote in the Bromley BID ballot? Do you feel this initiative will benefit the Bromley area? Do you think it will encourage more businesses and investment into the town centre?
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