Issue - meetings

** Due to the format of the document, the appendix to this report is being published as a supplement to the main agenda pack **

Report of Head of Strategic Planning and the Economy

Purpose of report

To seek approval to proceed with the preparation of a Business Improvement District (BID) for Banbury.

Recommendations

The meeting is recommended:

1.1         To note the Banbury BID feasibility report.

1.2         To agree to commit resources to move to phase two, preparing the Banbury BID Business Plan and preparation for the Ballot.

Resolved

(1)          That the Banbury Business Improvement District (BID) feasibility report be noted.

(2)          That agreement be given to commit resources to move to phase two, preparing the Banbury Business Improvement District (BID) Business Plan and preparation for the Ballot.

The Head of Strategic Planning and the Economy submitted a report to seek approval to proceed with the preparation of a Business Improvement District (BID) for Banbury.

Resolved

(1)          That the Banbury Business Improvement District (BID) feasibility report be noted.

(2)          That agreement be given to commit resources to move to phase two, preparing the Banbury Business Improvement District (BID) Business Plan and preparation for the Ballot.

Reasons

The proposal for a BID for Banbury is judged to have sufficient business support to proceed.

A BID for Banbury is expected to assist businesses and the Council to work together to strengthen the town centre in particular and Banbury in general by increasing the marketing of the town and undertaking a series of activities to increase footfall into the town centre and so assist improve the vitality of the town centre, as new town centre investment at Castle Quay two comes on stream.

A BID for Banbury will assist Banbury to compete with neighbouring towns.

Alternative options

Alternative Option: To not proceed into stage two of the assessment.

This is not recommended as not proceeding will forgo the opportunity to support a business led project that has the potential to draw additional resources into action that would promote the town to the benefit of all stakeholders.

The proposed recommendation to proceed to the next stage is considered to be an appropriate response to the findings of the feasibility study.