Westmorland & Furness Council’s Cabinet has given its unanimous backing to the Penrith Business Improvement District (BID), as local businesses take part in a ballot to secure a proposed third 5-year term for the organisation.
First established in 2013, following enthusiastic backing from local businesses in a ballot, Penrith BID is one of hundreds of BIDs in the UK. A BID is a defined area, whose businesses pay an additional levy on top of the business rates to fund projects within the BID area.
A board made up from local businesses runs Penrith BID, working together with businesses across the BID area to improve trading conditions in the town. The BID also works closely with Westmorland & Furness Council, Penrith Town Council and other partners.
Penrith BID is funded by businesses with a rateable value above £4,000. Together, these businesses work to deliver the BIDs objectives through a series of initiatives, including the award winning Greening Penrith programme, Penrith Sparkle, a recycling initiative, promoting the town through Discover Penrith and offering training courses to local businesses.
Westmorland & Furness Council Leader and Portfolio Holder for Strategic Partnerships and Economy, Cllr Jonathan Brook, said:
“Penrith BID has prepared an ambitious plan that builds on the successful work undertaken over its ten-year term and addresses the top business priorities of the town, as identified through consultations with local businesses.
“I’m especially keen that the Council supports local businesses helping to deliver on the Council’s own priorities around sustainable, inclusive, economic growth. This is essential for a thriving economy that delivers new business creation and high quality jobs for the area.
“That is why I’m delighted that the Westmorland & Furness Council Cabinet was able to offer its unanimous support for a third term for Penrith BID.”
Westmorland & Furness Council owns a number of eligible properties within the BID area and will now exercise its votes in favour of a third term for Penrith BID.
In order to ensure a third term, Penrith BID must secure the support of a majority of businesses, both in terms of votes cast and their collective rateable value.
The postal ballot opened on 1 June 2023 and all eligible business, are encouraged to return their ballot papers before the vote closes on 28 June 2023.
For more details, including an online copy of Penrith BID’s New Term Business Plan for its proposed third term, visit penrithbid.co.uk