Issue - meetings

This report sets out a proposal for Cabinet approval of funding from the Economic Infrastructure Fund to support the creation of a Business Improvement District in the city.

Resolved:           That Cabinet approves the use of £25,000 from the Economic Infrastructure Fund to fund work to create a Business Improvement District in the City Centre of York.

Reason:     To unlock significant investment and to support the Council Plan priorities of creating jobs and growing the economy.

Consideration was given to a report which set out proposals for funding from the Economic Infrastructure Fund to support the creation of a Business Improvement District (BID).

A bid for £25k had been made to create a BID in York, to supplement the funding of a Business Improvement District Manager, the full details of which were set out at Annex A of the report.

It was noted that a successful Business Improvement District would deliver additional services, as outlined in the prospectus, to be funded by an additional levy on businesses. The Council would transfer the levy to the BID company and this could then be used to support promotion of the city, additional security, new events and festivals.

Members welcomed the creation of a BID and expressed their support for funding, confirming that the BID would be aligned with Make it York and would support a number of Council Plan priorities.

Resolved:           That Cabinet approves the use of £25,000 from the Economic Infrastructure Fund to fund work to create a Business Improvement District in the City Centre of York. ^1.

Reason:     To unlock significant investment and to support the Council Plan priorities of creating jobs and growing the economy.