Lancing Business Park has been the home of Parafix for over 30 years. In 2008 the Business Park became a Business Improvement District (BID); a defined area within which businesses pay an additional tax or fee in order to fund projects within the district’s boundaries, for a period of five years. Four core projects were implemented successfully to improve safety, security, access, aesthetics and general cleanliness. Also to connect the Park member companies, who represent the 85% occupancy rate of the Park and employ over 2,000 people, through inter trading and an aggregation of purchasing power.
After the first successful five years of the BID it was time to ballot members on its future. The LBP Committee were very much aware of, and nervous about, the impact the current economic climate could have on votes. However, on Thursday 19th July another five year tenure for the BID was successfully secured. The ballot turnout was 56%; the total number of votes in favour was 77.5% and the aggregate rateable value was 85.4%.
The YES result shows that businesses have seen real benefits from the BID status and expect these to continue. The Park is now in a much stronger position when the economy picks up and the next five years will see the BID continually improving on safety, making parking improvements, keeping the Park clean and keeping members connected.
One of the plus points of the proposed business plan was a 15% general levy reduction over the next five years due to much of the capital project work having been completed during the first five year programme and an introduction of a minimum threshold for levy payers.
Michael Punter, Managing Director of Parafix and Chairman of Lancing Business Park said of the news: “I am delighted we have successfully voted in another five year BID term. Our first five years did a great deal to improve the Park, thanks to the co-operative culture embraced by its tenants. We achieved everything we set out to achieve and more. Our aim for the next five years is to build on the good work already carried out, benefiting all businesses on the Park.”