TAVISTOCK businesses will next month vote on a plan which could see a massive injection of cash ploughed into enhancing the town over the next five years.

Between June 1 and 29, business owners will be asked to decided whether they want a Business Improvement District for Tavistock.

The BID will involve around 300 town centre firms paying a 1.5% increase on the rateable value of their premises which would equate to around £65,000 a year.

The scheme has been spearheaded by Tavistock Chamber of Commerce. Chairman of the group Nigel Eadie said there was a huge amount of support for the venture.

'This involves a big cross section of independent and multi national businesses including three major banks and supermarket chains,' he said.

'It is very very important for the town especially in the current economic climate.

'We need to do a lot more in this town to bolster the local economy.

'There has never been a shortage of ideas but there has been a shortage of cash.

'The BID will provide the funds to implement these ideas over the next five years.'

The Tavistock BID Steering Group has been busy developing a business plan to include all the ideas that were put forward in previous meetings and then voted on in order of preference online and through the Times.

The BID is a partnership between local businesses and the local authority — the money is collected by the local authority and put into a ring-fenced account to pay for the projects.

More than 40 businesses attended the last meeting where the draft plan was reviewed and comments and ideas were taken on and implemented.

When the plan is finalised it will be available to view on http://www.tavistockbid.co.uk">www.tavistockbid.co.uk

Business owners and managers are invited to review the changes at the next meeting on Monday May 16 at 6pm, at the Bedford Hotel's Gallery 26.

Please confirm attendance with Lisa Wadling by emailing [email protected]">[email protected] or call 01822 618115.