Newmarket town centre is set to benefit from around £1 million of private investment over the next five years after local business voted in favour of creating a business improvement district (BID) for the the town.
In the BID ballot 112 votes were cast, 69 voted in favour with 62 per cent of those taking part in the ballot voting yes, well over the 51 per cent stipulated for the project to go ahead.
Managed independently by Electoral Reform Services, the postal ballot opened on the March 3 and ended at 5pm on March 31. The result was declared at the Best Western Heath Court Hotel at 5.30pm yesterday.
The funding will be raised through an annual levy charge on eligible businesses in the town. The levy for around 75 per cent of companies will equate to £200 per year, or just £3.85 per week.
Di Robertshaw, chairman of the Newmarket BID Task Group, and the Newmarket Retailers’ Association, said: “I would like to thank the group members who have given their free time to really drive this initiative for our town centre. I am thrilled that after all their work we are now going be able to establish a BID for Newmarket and really promote the area and all it has to offer.”
The BID company will now be set up and it is expected that it will begin work in June.