Council backs Plymouth investment plan

BID endorses £500m extension partnership

An organisation which has masterminded more than £500 million of investment in Plymouth has been given a ringing endorsement by the city council.

The Plymouth City Centre Company came to the council seeking its views on another five years of its Business Improvement District (BID), which sees more than 500 local businesses chipping in for a programme of support and investment.

“It does a fantastic job,” said Cllr Chris Penberthy (Lab, St Peter and the Waterfront).

The BID has run in Plymouth for almost 20 years, having been one of the first in the country outside London.

The cabinet committee heard that the partnership between the council and the city centre company had supported ‘flagship’ projects including the Box, the Barcode and the first phase of the Brunel Plaza regeneration around the railway station.

The value of the investments so far is over £250 million, with another £250 million to come on projects such as the Civic Centre, the Guildhall and the West End of the city.

Over the next five years the BID is expected to generate £2.25 million, which will be supported by a further £590,000 in council support.

Cllr Mark Lowry (Lab, Southway) said: “We have managed to achieve a tremendous amount when you think of the changes in high streets which have seen so many struggle.

“Now that people see what we are doing, they are up for investing in our city centre.”

Nigel Godefroy, who chairs the city centre company, added: “The city centre represents the lifeblood of this city. It employs thousands, and it’s where residents shop, work and spend their leisure time.

“A successful city centre is a successful city, and the BID is the glue that combines all parties together.”

The cabinet agreed to back seven recommendations supporting another five years of the BID, and chair Cllr Jemima Laing (Lab, Stoke) summed up: “It is an enduring relationship which has served the city well.”