City Council votes for the program to continue to develop and support Southampton businesses
SOUTHAMPTON City Council voted in favor of a program focused on business development and support for a further five years.
On July 19, cabinet members voted in favor of GO! Southampton (the business improvement district – the BID) tenure for a further five-year period, from 2022 to 2027.
Businesses in the BID zone will be asked to vote on their plan from October to November and determine whether the BID should continue to operate.
A Business Improvement District (BID) is a defined area in which a tax is levied on eligible taxpayers.
This levy is used to develop projects that bring direct benefits to these companies.
The regime entered into force in April 2017 after a successful ballot the previous November.
It was created with the aim of maintaining and strengthening Southampton’s position, ensuring that businesses continue to thrive and capitalizing on the many new opportunities that arise in this vibrant city.
The IDB plans to invest £ 6.45million in the city over the next five years.
A total of 634 Southampton royalty-paying companies make up the BID and include Southampton City Council.
The BID area includes the city center, stretching to Bedford Place and London Road in the north, to Town Quay and Mayflower Park in the south, to Ikea and the West Quay and Mountbatten shopping parks in the west and encompassing Oxford Street, the city center parks and Southampton Solent University to the east.