The ballot, a vote conducted by Waverley Borough Council on behalf of businesses within the Farnham and Godalming BID areas on whether they would like to establish a business-led organisation – a Business Improvement District – means local businesses can now invest as a group to improve each town.
For any BID ballot to be successful, there needs to be a majority of businesses in favour, both in terms of number of votes cast and by rateable value.
For the Farnham BID, 75 of the total 100 votes recorded said they were in favour of the Business Improvement proposals, and the BID will now be in place for a period of five years.
The Godalming BID received 53 of the total 76 votes in favour of the Business Improvement proposals and will also be in place for five years.
The ballot result means that the Farnham and Godalming BIDs can now deliver activities as identified in their five-year business plan, which followed extensive engagement with commercial organisations in the towns.
Councillor Paul Follows, Leader of Waverley Borough Council said:
“As a significant contributor to Business Rates in both Farnham and Godalming, it was important for Waverley Borough Council to lead the way by voting in favour of these new Business Improvement Districts, which will help us to enhance and revitalise our commercial areas.
“It has been clear for some time that sufficient financial support is not forthcoming from national government. We are permitted to retain just 5p in every £1 of Business Rates collected in Waverley to help support our local business community, and it simply isn’t enough.
“Our only option is to seize the initiative and work together as a local business community. We need proactive schemes, like the introduction of Business Improvement Districts, to protect the economic prosperity of our area and ensure local businesses continue to thrive.”
Waverley Borough Council Portfolio Holder for Planning, Regeneration and Economic Development, Councillor Liz Townsend added:
“I’m delighted that businesses in Farnham and Godalming have voted in favour of creating Business Improvement Districts (BIDs) in their towns.
“These BIDs have real power to enhance their communities and make their towns even more attractive places to live, work and visit. By working together to achieve shared goals, businesses can make the changes that they want to see and contribute to the overall success and wellbeing of an area.
“Each town has its own priorities and unique plans, but both will be looking to enhance their local communities by improving destination marketing, cleanliness, safety and infrastructure.
“Partnerships like this provide the chance to stimulate economic development, attract additional new investment and boost the local economy. They have already been successful in many different areas across the UK, including Cranleigh, where businesses voted for a BID in June 2023, and I’m really looking forward to the benefits these BIDs will bring to Farnham and Godalming.
“All three BIDs will work together to make our High Streets more prosperous and thriving places to visit.”
For more information on the improvements planned as part of the Farnham BID visit https://farnhambid.co.uk/
To discover the latest on plans for the Godalming BID visit https://godalmingbid.co.uk/
For more information on BID’s, what they are, and what they can offer in terms of long term funding for local businesses and their communities visit Business Improvement Districts - GOV.UK (www.gov.uk)
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