Businesses give go-ahead to have more of a say over their futures with Romford BID scheme
PUBLISHED: 13:00 10 July 2018
Businesses and organisations in the town centre have given the green light to taking more control over their futures by voting in favour of setting up a Business Improvement District (BID).
Plans made by the Romford Town Management Partnership (RTMP), to form a BID in order to revitalise Romford’s economy, were approved in April by Havering Council and business owners were balloted last month to seek their views.
Results released by the independent scrutineer, Electoral Reform Services, revealed that 80pc of all those who voted are in favour of the BID progressing.
For it to be successful, a second trigger ‘majority by rateable value’ was also required and this was achieved with 88pc of those who voted.
Chairman of the Romford Town Management Partnership and manager of The Brewery, Tom Stobbart said: “This a great result for all involved and allows to improve still further over the next five years through the proposals detailed in our plan.
“I would like to thank all involved for their time and support in making a real difference to Romford’s future.
“The real work starts now in delivering the new initiatives and the team aim to get started immediately.”
Business leaders are hoping the idea will bring in £2.75m to spend on projects and developments aimed at boosting trade in the town centre over the next five years.
It is anticipated that the BID will commence from autumn this year for a five year term and will be financed through a BID levy, the proceeds of which will be invested into the town centre and on the additional projects that businesses have identified and as set out in the Romford Business Plan.
Cabinet member for environment Councillor Osman Dervish said: “The Business Improvement District (BID) is great news for businesses in and around Romford.
“The council is really excited to support RTMP with the BID and we hope it will create a better place for local businesses to thrive.
“We wish it every success.”
For more information and to find out how the BID might affect you, go to romfordbid.co.uk