Penrith Business Improvement District (BID) will be renewed for a second term from 2018-2023 after a YES vote by businesses in Penrith.
Eligible businesses within the proposed BID area in Penrith have been voting on whether they support a further five year period of the BID through a postal ballot that ended on 30 November 2017.
For the BID to be renewed for a further five years, two threshold tests had to be met in the ballot:
1. More than 50% of votes cast (turnout) must be in favour of the BID; and
2. The positive vote must represent more than 50% of the Rateable Value (RV) of the votes cast.
The total number of votes cast, excluding rejected ballot papers, was 183, representing a rateable value of £5,661,400. The votes in favour were 135, representing £3,740,200 RV and therefore meeting both threshold tests.
Eden District Council voted yes in respect of each of the Council’s properties within the BID area.
Cllr Michael Slee, Commercial Services Portfolio Holder, said: “Congratulations to Penrith BID on a successful renewal. As a Council, we chose to vote yes as we have seen the hard work the BID have already put into Penrith and we look forward to seeing what they do over the next five years.”
To find out Penrith BID’s plans for the next five years, their business plan can be found on www.penrithbid.co.uk