Hundreds of thousands of pounds could be ploughed into Preston's city centre economy under plans out on Tuesday.
Details of a bid to introduce a Business Improvement District (BID) to boost city centre firms have been revealed by a working group set up to promote the plans.
The North and Western Lancashire Chamber of Commerce, which is leading the group, said it will create a cash pot which would be ploughed straight back into improving the city centre.
Businesses in the city are being lobbied by the working party to identify areas they feel need improving – and how much they are willing to pay for the change.
Chamber chief executive Babs Murphy said the fact the BID would be owned, managed and financed by businesses would "set it apart from other initiatives to improve the city centre". She added: "These are exciting times for Preston. The initiatives that the BID will deliver are real, sustainable and will help create an improved, safer and welcoming environment for businesses, their employees, customers and visitors. A successful BID application will provide the platform to build on what we have achieved so far whilst providing the finance to develop a programme of new activity."
If the majority of businesses vote in favour of the move, it will go ahead. The cash would be used to fund to support projects such as employing city centre managers, reducing crime, improving signage and lighting, managing the night-time economy, co-ordinating promotional campaigns and attracting businesses and investment.
Joint chief executive Nicholas Watson, of the Preston Chamber of Trade which is working with the bid, said he expected it to be completed by April 2008.
He said: "The amount that would be raised is going to be significant and, from a retailers' point of view, they will be anxious to make sure the return on their investment is as good as possible. That kind of money annually can buy an awful lot of opportunities, increase footfall which is obviously key to retailers, and, from the general public's point of view, it can improve their experience."
The vote will consist of two ballots, one in terms of number of retailers and another based on company's rateable value, with a majority vote required in both on a one-member, one-vote basis.
The rateable value of businesses in the BID area is £52m. The area would be bounded by Ring Way.
Frank McKenna, of Downtown Preston In Business - due to launch in the city in March - said having the plan led by the private sector was "exactly the right thing."
The chairman of the exclusive business group believes the decision to allow Liverpool City Council to run its BID campaign has been its downfall: "The problem in Liverpool is that the BID is not seen as been independent enough to make a difference, but by allowing the Chamber of Commerce to run with the campaign in Preston, they can achieve what they want to achieve."
Last Updated: 17 January 2007 10:23 AM
back
