A new business improvement district could be created in Watford to bring nearly £2m of investment to Clarendon Road.
Watford Borough Council agreed on Tuesday (January 27) to hold a ballot among businesses on Clarendon Road about creating a new Business Improvement District (BID).
The elected mayor of Watford, Peter Taylor (LD), said the existing BID in the town centre has “proved to be a success”, after a ballot last year saw 92% of businesses vote in favour of continuing it.
Speaking about the proposed Clarendon Road BID, Mr Taylor said: “The area would run from Watford Junction right up to Beecham Grove. It would include the O’Neill’s pub, Watford Junction station and the businesses in Iveco House.
“Why are we looking to do this?
“First of all, to enhance Clarendon Road, to ensure it’s a first-class, safe and connected business environment.
“It would enable us to promote Clarendon Road as a premier business location, and it would support business growth, sustainability and collaboration.
“With local government reorganisation happening … it’s really important that we secure the financial viability, the long-term future of our BID.”
Businesses based within the BID and with a rateable value of £12,000 or more would be liable to pay a 2% levy of the rateable value, though there would be a significantly reduced levy of 0.25 % for organisations with charitable relief on business rates.
All businesses liable to pay the levy will be balloted between February 20 and March 19 and, if more than half of the votes are in favour of the plan, the BID will be created for an initial five-year period running until 2031.
Funding from the levy is expected to amount to £1.8m over five years, which would be invested in the Clarendon Road area.
Cllr Nigel Bell, leader of the council’s opposition Labour group, backed the plans and said Clarendon Road is “a key part of our employment area”.
Cllr Iain Sharpe (LD), meanwhile, joked that it “seems a rather improbable thought that businesses will be signing up to pay extra rates”.
He continued: “But … anybody who has seen exactly what has been achieved by the Watford town centre BID over the last decade will realise exactly what such an organisation can do for an area.
“The town centre BID has really brought massive investment into the town, and we can see the difference.
“And because it is controlled by them rather than something that is determined by the council, it is nimble enough and understands business needs enough to make a real difference.
“The idea that we can extend this to Clarendon Road as our premier office district, given the challenges that element of the business sector faces, really is a potential boon to that area and to the town as a whole.”
Covering Hertfordshire’s district and borough councils.
