Today has seen the exciting news that the BID4Bury, or Business Improvement District (BID), has been approved.

A majority of 59 percent of businesses voting, and 67 percent of the rateable value voting, supported the introduction of a BID in our town centre on a 32 percent turnout. In layman’s terms this means that any business premises within the prescribed area will pay a levy of 1.75 percent of their rateable value to the new BID company on an annual basis. The company will be run by a board formed from and elected by all rate payers within the area. In the first year of operation this will see £362,000 reinvested in our town centre.

Some of the projects being funded by the BID include: £120,000 marketing the town, £110,000 on safety and security, and £75,500 on Christmas festivities (including further improved Christmas Lights).

At a time when council budgets and government grants are being cut or frozen it is fantastic to see this level of investment in our town – quite simply it would not have come from any other source.

Bury St Edmunds is fortunate enough to have some of the finest entrepreneurial minds in the region. Now it is these people whose voices will help shape the future and fortunes of our historic market town.

More information on the BID4Bury can be found here.