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Traders vote in favour of town centre Business Improvement District

Traders in Bridgend town centre have voted in favour of establishing a Business Improvement District (BID).

BIDs are defined areas within which shops and traders can raise funds to spend on projects or improvements that they feel are beneficial to local trade.

A baseline agreement ensures that funds can only be spent on projects that are in addition to services already delivered by the local council, and can only be used to improve the BID area.

To be successful, the ‘yes’ votes also had to account for more than 50 per cent of the total rateable value of all votes cast. The ballot results were as follows:

Total number of votes cast in the ballot, excluding any given on ballot papers rejected:

 128

Aggregate rateable value of each hereditament in respect of which a person voted in the ballot:

 4,586,700

Total number of votes cast in favour of the Bridgend Business Improvement District:

 84

Aggregate rateable value of each hereditament in respect of which a person voting in the ballot has voted in favour of the Bridgend Business Improvement District:

 3,094,200

There was an overall turnout of 36.78 per cent and no ballots were rejected.

Following the ballot, the project’s steering group, CF31, will operate as a trader-led not-for-profit company.

A board will be established featuring representatives from four large businesses, four small businesses, one landowner, one voluntary contributor, one residential or community member and one member representing a statutory body such as the police or county borough council.

Having written the manifesto and project pledges, traders will also control the fund through the CF31 group and decide how the money should be spent.

Councillor Charles Smith, Cabinet Member for Regeneration and Economic Development, said: “The trader-led BID proposal was designed by the CF31 group to give local businesses an opportunity to have their say on whether they wanted to have a direct involvement in the future development of the town centre.

“We look forward to working with CF31 and traders, and remain committed towards the regeneration of the town centre.

“The council will continue to work with partners to explore opportunities for grant funding and investment that will help to deliver benefits for people who live, work, visit and shop in Bridgend town centre.”

Last Updated: 05/08/2016
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