LAST month, Liverpool’s commercial district moved a step closer to achieving Business Improvement District (BID) status, after the application received approval from Liverpool City Council.

The BID proposal aims to generate in excess of £600,000 per year for enhanced marketing, maintenance and physical improvements, through a levy equivalent to 1% of rateable value.

Clearly, these continue to be uncertain economic times for many businesses, so I can understand that the prospect of a rate rise may not instinctively raise a smile for ratepayers.

However, I firmly believe that BID status will be good for business and good for Liverpool.

BID status not only provides significant additional funding for things like improved street lighting, transport access, street management and maintenance, but it also gives ratepayers a much greater say in how that money is spent in their area, in many cases for the price of a daily cup of coffee.

The new BID will be run by a small executive team and operating board, featuring a broad cross-section of member businesses and accountable to an elected BID company, comprising members of both BIDs and the city council, meaning power rests in the hands of those most affected by the decisions made.

Liverpool’s existing BID, City Central, has already demonstrated the Šopportunities that such status can deliver and the positive impact it has Šin terms of reducing crime and boosting trading opportunities for businesses in the area.

On average, 98% of BID areas succeed in securing a second term as members recognise the value that BID status has delivered.

Eligible voters will receive a copy of the business plan for the BID in mid-April and the ballot will close on May 27, ahead of an announcement on May 31.

The application will succeed if a majority yes vote is delivered by organisations with a simple majority, andŠ representing more than 50% of the rateable floor space of the proposed BID area.

If any landlords or tenants have any questions about what BID status involves, I urge you to contact us. Supporting the BID application is vital.

We need your vote to make the BID happen.

TO FIND out more, visit www.liverpoolcdp.com