St Peters Quarter BID launches renewal

St Peters Quarter Business Improvement District has launched its renewal to continue the work underway in the area of the city centre between the Cathedral Quarter and Intu Derby shopping centre.

The 400 businesses included in the St Peters Quarter BID area are currently being canvassed for their views on the work that has already been completed during the five-year programme and the work needed in the next five years.

Their views and research collated will be compiled into a business plan which will be put to the vote at the end of June.

For the BID ballot to be successful, more than 50 per cent of the number of businesses and more than 50 per cent of the rateable value of the businesses who vote have to say yes. The results will be announced at the end of July.

Businesses then pay a percentage of their rateable value which raises around £200,000 a year. This has enabled a further £3m to be directly invested into the area over the past five years to deliver projects in line with the BID’s objectives.

Stephen Jeffery is chair of St Peters Quarter Board which includes representatives from businesses across the area.

He said: “BIDs have a maximum life of five years before they must be renewed and we are now at a point where we need to build upon what we have achieved and consider what we need to do to address the challenges and take advantage of the opportunities which will emerge over the next five years.

“Over the next few weeks, businesses will be asked for their views and ideas for the future so that we can formulate the BID proposal and business plan which will goto the ballot in June.

“As a BID, we act as an effective and influential voice to address the challenges and develop St Peters Quarter to the benefit of all our businesses.”

Management Group member Helen Wathall continued: “Much has happened since St Peters Quarter BID started on September 1 2011.

“By bringing businesses together we have achieved a great deal to create the St Peters Quarter brand, promote the area improve the visitor experience and encourage inward investment. In fact before the BID, this area had no name and no sense of business community or identity.

“However, there is no denying that there is still a great deal to be done and without a further five-year BID programme, I firmly believe that St Peters Quarter will miss out on the opportunity to secure a positive future for the area and the businesses who operate here.”