COUNCIL chiefs are hoping High Wycombe can emulate Loughborough by raising more than £250,000 to make improvements to its town centre.

The money to create a 'Business Improvement District' (BID) would come from a small increase to the business rates in the town centre, though the scheme would only go ahead if a majority of firms were in favour.

Last Monday night, cabinet members at Wycombe District Council (WDC) agreed in principle to support the plan, and allocated up to £30,000 to help take it forward.

The High Wycombe Town Centre Partnership is already working on the BID project and aims to submit a formal proposal in February, before businesses are balloted in the summer of 2012.

A majority vote in favour would require all businesses to pay an additional levy of one or 1.5 per cent, for a period of five years.

Councillor Arif Hussain, deputy leader at WDC, said “This is a business-led process and will only happen if businesses want it to happen.

“We believe this offers the best chance for the town to prosper and will be an investment businesses will wish to make.

“The starting point for most BID proposals is a levy of 1% on rateable value. The question for High Wycombe is whether businesses would consider a levy of 1.5% to deliver a more adventurous business plan.

“The latest BID to gain approval, [which was] Loughborough in July 2011, gained support for a levy of 1.5 per cent.”

An independent BID company would be established, for which firms would elect the board of directors and agree a business plan. The new company would then provide services such as business support and marketing for the town centre.