Traders in Lynn have voted against introducing a business improvement district (BID) in the town.
The King’s Lynn BID steering group has been left disappointed following the narrow no vote this morning (Friday, April 11).
The group has been campaigning for 18 months to introduce the scheme, which could have brought more than £1.5 million worth of investment over five years.
Shops and businesses would have been asked to pay a levy on top of their business rates to fund improvements in the town centre.
Initially 54 per cent businesses had voted in favour of the scheme but it was lost on the secondary count which was based on rateable value.
BID Steering group member Darren Taylor said “This is undoubtedly a set-back for Lynn town centre. The businesses have voted no to vital investment and support. We now run the risk of losing out to towns like Cambridge and Norwich and seeing continued decline of our town centre.
“However, I still believe that Lynn has much to offer and I remain committed to working hard to ensure its survival as a vibrant town centre.”
Businesses would have paid an additional 1.5 per cent of their business rates and it is estimated that around 60 per cent of town centre businesses would have paid less than £1 a day as their contribution and would have generated around 1.5million over five years to improve and enhance services and environmental conditions of this defined geographic area of the town centre.
Andy Wilson, Owner of Ikon, said: “I’m really disappointed. We would have been able to do so much more in the town with the BID money. I sincerely hope that this doesn’t stop people investing in the town”