Businesses in Camborne have voted in favour of a Business Improvement District (BID) for the town.
A majority ‘yes’ vote was received for the scheme which will raise £564,716 over five years to improve the trading prospects of the town.
The total funds include additional contributions from New Growth Points funding, landlords and Coastline Housing.
A total of 162 businesses took part in the ballot, 51% of the 318 businesses eligible to vote. Of those voters, 110 were in favour, representing a 68% majority by number and 80% by rateable value.
The Camborne BID becomes the 128th BID to be approved in the UK and the fourth BID in Cornwall, following in the steps of Truro, Falmouth and Newquay.
Chris Ridgers, Cornwall Council’s Cabinet Member for Economy and Regeneration, has welcomed the news.
“It is a positive sign of the confidence of the Camborne business community that they are willing to come together, within a BID, to take the lead in seeking and delivering results of benefit to them and their local community.”
The funding, raised through each organisation in the BID area paying a mandatory 2% of their rateable value each year into a ring-fenced pot, will be in the control of the private sector and managed by BID Camborne, a not for profit company limited by guarantee.
BID chairman George Le Hunte said: “Well done Camborne businesses – in the current economic climate this is an excellent result and shows your commitment to Camborne. Now we have the opportunity to make our town an even better place in which to do business.”
Work will start in April to put the proposals outlined in the Final BID Camborne proposal into motion.
The next step for the BID will be to put together a board of directors to oversee the delivery of the programme. A BID Manager will also be appointed, reporting to the board.