Watford businesses are currently voting on whether to continue with the town’s Business Improvement District (BID) scheme, with the possibility of a “second BID area” being set up too.
The scheme, created in 2016, aims to allow business and organisations in the town centre to come together to improve the area.
At a meeting of Watford Borough Council’s cabinet on Monday (October 6), elected mayor Peter Taylor (LD) said the BID team is “incredibly effective” and supported the continuation of the scheme for a third term lasting until 2031.
Any property with a rateable value of £12,000 or more within the BID area has until Thursday (October 9) to vote on whether to continue the scheme.
Those properties include nine council properties – such as Watford Town Hall, the Colosseum, the Town Hall car park, and the Avenue car park – which will all vote in favour of extending the BID.
If more than half of the around 500 eligible properties back the scheme continuing, properties above £12,000 rateable value will be liable for a levy of two per cent of their rateable value.
There will be a reduced levy of 1.75% for ratepayers in the Harlequin Shopping Centre, and a levy of just 0.25% for organisations that have business rates relief.
A report prepared by council officers said: “Over the past five years, over £3m additional funding will have been invested in Watford town centre, as a result of Watford BID, and this is expected to continue over the next five years should the ballot return a yes vote.”
Mr Taylor added that the council is aiming to make sure the BID is “financially viable in the long run” and continued: “In light of local government reorganisation, it’s really important that the BID is on a sound financial footing.
“Separate from this, there is a look at possibly a second BID area as well.”
Cllr Jennifer Pattinson, Liberal Democrat group leader at Watford Borough Council, said the BID does “a lot of amazing things”.
She said: “When you walk through Watford town centre, it looks great and it feels safe, and I think that’s actually what matters to people and the BID supports that.
“It’s all very positive and, I think, it makes our town a better place.”
Mr Taylor said there was a “stark contrast … if you compare it to other town centres that aren’t a million miles from here”.
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