Businesses Vote in Favour of BID for Hemel Hempstead Town Centre

Commercial Estate Agents in the Hemel Hempstead area could be set to benefit as businesses in Hemel Hempstead town centre have voted in favour of establishing a Business Improvement District (BID), making the area more attractive to businesses.

Almost £1million of levy investment will be put back into Hemel Hempstead over the next five years, complementing the regeneration work that has been delivered by Dacorum Borough Council and will be enhanced further by the investment of Capital & Regional, owners of the Marlowes Shopping Centre.

The BID, developed by Central Management Solutions (CMS), was jointly funded by Dacorum Borough Council and Capital & Regional, and demonstrates a unique working relationship between public and private owners.

The BID was developed using CMS’ five stages of BID development. Associate Director of CMS, Lee Walker, said: “It is excellent that businesses have voted in favour of the plans put forward by the Hemel Hempstead BID. The BID steering group have provided clear direction and show a determination to see more investment in Hemel. The BID can now deliver for the next five years against a strong business plan which will help to compliment the other fantastic developments works that are taking place in the town.”

84% of businesses in Hemel Hempstead voted in favour by number, with 86% in favour by Rateable Value, representing an overall turnout of 37%. In the UK, ‘Rateable Value’ means a value ascribed to a domestic or commercial building based on its size, location, and other factors, used to determine the rates payable by its owner.

A BID is a defined area in which a levy is charged on all business rate payers in addition to the business rates bill. This levy is then used to develop projects which will benefit the local area. The core BID priorities in this instance will focus on:

·         Improving visitor experience and the working environment

·         Accessibility

·         Cleanliness. waste removal and recycling

·         Place marketing and enhanced promotion

More information can be found on BIDs here: https://www.gov.uk/guidance/business-improvement-districts.

%d bloggers like this: