£25k loan to set up Lynn BID

West Norfolk Council's offices
West Norfolk Council's offices
0
Have your say

Officials leading work to establish Lynn’s new business improvement district (BID) say they will need around £25,000 to establish the scheme, a meeting has heard.

Following last month’s vote of traders to establish the scheme, West Norfolk Council’s cabinet has now backed plans for officers to help set up the scheme.

And they say the initiative will only help to enhance the town centre even further when it comes into force next spring.

Council leader Brian Long said: “It’s not about the money they’re due to raise.

“It’s about what that money will do for the town, the extras we will be able to have in our locality because it exists.”

The plan, approved at a meeting on Tuesday, will also see the council provide a short-term loan to the BID group to cover set-up costs.

Chief executive Ray Harding said the group had told them that was likely to be around £25,000 and would be repaid within the first year from receipts of the additional levy that will now be placed on business rates in the area.

Deputy Alistair Beales said the success of similar schemes was already apparent in other towns.

And heritage portfolio holder Elizabeth Nockolds said she hoped the council would be able to work with the BID team to further extend the town’s tourist offer beyond the current programme of events that the authority organises throughout the year.

She said: “This is a hugely important vote.”