Council loan set to be sought to help launch King’s Lynn BID

West Norfolk Council's offices
West Norfolk Council's offices
1
Have your say

The establishment of Lynn’s new business improvement district (BID) is likely to move a step closer today.

Town centre traders last month voted in favour of setting up the zone, where firms will pay an additional levy on top of their business rates.

The money generated will then be used to fund improvements to the area.

Now, West Norfolk Council’s cabinet is being asked to authorise its officials to work with the BID’s steering group to begin the scheme next spring.

But a report to be debated at the cabinet’s meeting this evening also reveals the group has signalled it will seek a short-term loan from the authority in order to set up the not-for-profit company they are required to establish.

Members are also being asked to authorise the agreement of terms for a deal.

The document says the request was likely to be a “modest”, but unspecified sum over three to four months, which would be repaid in full from levy monies received during the 2017-18 financial year.

If approved, the BID will come into force on April 1 next year and run for five years.

Appeals against the scheme can be lodged until tomorrow, but only if there has been a major breach of the rules governing the process.

Just over 53 per cent of voters, representing around 55 per cent of properties in the affected area, supported the BID proposal in a month-long ballot during October and early November.

However, only around 40 per cent of eligible voters took part in the poll.