Published: Friday, 13th February, 2009 12:55pm

Go ahead for town centre improvements

by Alan Bunce

Comments (2) | Print | Email

ALMOST £2m of new investment will be put into Reading town centre over the next five years after businesses voted to support plans to a new and enlarged Business Improvement District (BID).

Three years ago, Reading's first BID brought in £1m of improvements including new PCSOs, steam cleaning of streets and vastly improved Christmas lights.

Now BID2 has extended the BID area in a five year plan and this time will mean a big marketing drive, new entertainments, and floral displays in addition to the existing improvements. BID2 replaces BID1 on April 1.

The town's economic development company, Reading UK CIC had the task of persuading over 400 town centre businesses that they should vote to add 1% on their rateable values in order to fund BID2 to the tune of £1.9m and with recession biting hard, some feared BID2 could fail to win businesses over.

The complex voting system requires a majority of the rateable values of BID area businesses who vote, to vote yes, along with a majority of the businesses themselves who vote.

But in a 45% turnout, 67% of the rateable values were yeses and 59% of the businesses said yes.

BID manager Guy Douglas said: "In the five year period of BID2, we will continue to see many changes in the world and town centres will need to adapt to these changes. There has to be a new dimension to the town centre offer in order to differentiate from other towns and cities, and out-of-town retail parks. Reading's BID2 has a strong events and cultural component as part of a marketing lead plan."

Director of Reading UK CIC, Tim Smith, said: "Despite the challenges of recession the local business community has demonstrated that it recognises the competitive edge that a BID offers. Again, Reading UK CIC has delivered a positive outcome with limited resources and to a very tight deadline."

The BID covers the heart of central Reading and includes: Broad Street, Butter Market, Chain Street, Cross Street, Friar Street, High Street, Market Place, Queen Victoria Street, Station Road, Union Street, West Street, King Street, St Mary's Butts, Duke Street, Gun Street; and parts of Blagrave Street, Bridge Street, King's Road, Oxford Road, and The Forbury.

Although The Oracle and Broad Street Mall are not in the BID, they will continue to make significant voluntary contributions for each year that the BID is in operation, as will PRUPIM, a founding member of Reading UK CIC.

The full Business Plan can be viewed at www.livingreading.co.uk