Coleraine businesses say ‘Yes’ to a Business Improvement District (BID)
Businesses and organisations in Coleraine have voted in favour of taking more control over their future by setting up Northern Ireland’s eighth Business Improvement District (BID).
Ballot results released by the independent scrutineer, Electoral Reform Services, revealed that 81% of all those who voted are in favour of the BID progressing. For the BID to be successful, a second trigger ‘majority by rateable value’ was also required and this was achieved with 90% of those who voted.
It is anticipated that the BID will commence from October 2018 for a five year term and will be financed through a BID levy. The proceeds from this will be invested into the town centre and on additional projects set out in the Business Plan.
Over the five years of the BID, the levy will generate over £1.2m to be spent in the BID area.
Ian Donaghey, Chair of Coleraine BID said: “Our traders have made their voices heard. This is a great result for all involved and allows the town to improve further over the next 5 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 Coleraine’s future. The real work starts now in delivering the new initiatives and the team is looking forward to starting this work immediately.
For further information please contact our BID team located at 2 Abbey Street in Coleraine by ringing 02871162064 or go to www.colerainebid.com