Businesses in Derby Cathedral Quarter have voted to renew the area’s status as a Business Improvement District (BID).
There was a strong turnout for the ballot (49%) with 85 % of businesses and 77% of the aggregate rateable value voting in favour of the BID – giving a clear mandate to continue building upon the achievements of the BID over the next five years.
The new BID will officially launch on March 1 2018 with a budget for the five year programme of £1.5 million – made up of the levy payments and supplemented by voluntary, private and public sector contributions.
A levy of 2% of rateable value will apply for businesses with a rateable value of £6,000 and above in the first year, whilst those with a rateable value of between £2,000 and £5,999 will pay a fixed amount of £105.
Businesses with a rateable value of less than £2,000 will be exempt from the levy but will be offered the opportunity to be a part of the BID on a voluntary basis subject to a small charge.
Martin Langsdale is chair of the Cathedral Quarter and leads a board of local business people and partner representatives who oversee the BID activities.
We are delighted that businesses have recognised that this five-year business plan is crucial to continue the success of the BID which culminated in us winning National BID of the Year and the best city location in the Great British High Street Awards last year. Businesses in the Cathedral Quarter have engaged enthusiastically in the consultation and planning for the next five years and we are grateful for the time that individuals have devoted – particularly to our project management company Partnerships for Better Business Ltd (pfbb uk) who have led this process.
Having achieved a great deal over the past ten years to reverse the fortunes of the Cathedral Quarter following the opening of Westfield and a period of recession, business confidence for the future in the Cathedral Quarter BID is strong and this plan provides us with a clear direction and a new exciting era for this individual, diverse and inspiring part of the city centre.”
The new BID vision is to continue to support and enable all businesses to benefit from the Cathedral Quarter as a place which is attractive and vibrant with a sense of community and a lifestyle which is individual, diverse and inspiring.
Three key objectives have been developed following feedback from businesses.
1. The Cathedral Quarter Experience
To continue to develop the great Cathedral Quarter lifestyle experience for visitors and people working in the area to enjoy
2. Cathedral Quarter Businesses
To continue to build the local, regional and national reputation of the Cathedral Quarter as a great place for the evening and night time economy, retail, hair and beauty, leisure and culture and professional services
3. Business Growth and Investment in the Cathedral Quarter
To continue to encourage growth, development and investment of businesses which complement and build on the strengths of the Cathedral Quarter
The full Cathedral Quarter 2018-23 Business plan can be read online on the Cathedral Quarter website.