A private project in Coventry could bring closer the prospect of US-style Business Improvement Districts (Bids). This is where compulsory levies on property owners are used to supplement public services.
The European Union is likely to decide by the end of the month whether to grant Coventry city council Ecu6m (£4.26m) to fund the experiment over six years. Other local authorities are watched the initiative closely. They are concerned about maintaining the appeal of traditional centres in the face of competition from out-of-town retail parks. The Corporation of London is urging the government to allow other experiments of this type in the UK.
Bentalls opens a store in Bristol next year when the city faces competition from the new Cribb’s Causeway out-of-town retail centre.
- Financial Times 03/03/97 page 8
