Businesses in Hemel Hempstead town centre have voted in favour of establishing a Business Improvement District (BID).
Almost £1million of levy investment will be put back into Hemel Hempstead over the next five years, complementing the regeneration work that has been delivered by Dacorum Borough Council and will be enhanced further by the investment of Capital & Regional, owners of the Marlowes Shopping Centre.
The BID, developed by Central Management Solutions (CMS), was jointly funded by Dacorum Borough Council and Capital & Regional, and demonstrates a unique working relationship between public and private owners.
The BID was developed using CMS’ five stages of BID development. Associate Director of CMS, Lee Walker, said: “It is excellent that businesses have voted in favour of the plans put forward by the Hemel Hempstead BID. The BID steering group have provided clear direction and show a determination to see more investment in Hemel. The BID can now deliver for the next five years against a strong business plan which will help to compliment the other fantastic developments works that are taking place in the town.”
84% of businesses in Hemel Hempstead voted in favour by number, with 86% in favour by Rateable Value, representing an overall turnout of 37%. In the UK, ‘Rateable Value’ means a value ascribed to a domestic or commercial building based on its size, location, and other factors, used to determine the rates payable by its owner.
A BID is a defined area in which a levy is charged on all business rate payers in addition to the business rates bill. This levy is then used to develop projects which will benefit the local area. The core BID priorities in this instance will focus on:
- Improving visitor experience and the working environment
- Cleanliness, waste removal and recycling
- Place marketing and enhanced promotion
More information can be found on BIDs here: https://www.gov.uk/guidance/business-improvement-districts.
Commenting on the result, BID Steering Group Chair and Marlowes Shopping Centre Manager, Vince Williams said: “This is a fantastic result for local businesses and the town. It gives us the opportunity to bring businesses together to shape our future over the next 5 years, by putting the building blocks in place to create a vibrant town centre that will attract more visitors, who are staying longer and spending more money with local businesses.”
Mark Gaynor, Dacorum Borough Council’s Corporate Director (Housing and Regeneration) and Director of the Business Improvement District Board, said: “Congratulations to Hemel Hempstead town centre businesses who voted to create a Business Improvement District for the town centre. The ‘Yes’ vote is a huge economic boost for the town centre, which will benefit from at least £900,000 investment over the next five years.
“We hope the establishment of a Business Improvement District will create further opportunities for local shops and businesses and we’re looking forward to being part of, and working with, the BID as it develops.”
For further information, visit www.investhemel.co.uk or contact Gary Stringer, Ambassador Place Manager, on tel: 01442 228808.