An effort to secure £3 million of additional funding for Grantham has been lost after the Go Grantham Business Improvement District (BID) was rejected.
Businesses took part in a vote for the proposed BID, which revealed more votes in favour of the idea by 25, however when taking into account the aggregated rateable value of the votes meant that the vote was lost by £600.
If Go Grantham had been successful it would have resulted in the town receiving investment of £3 million over the five-year period, with all money being invested directly into projects that businesses had actively selected.
It also promised to allow for cash injections through funding, as well as helping to create an innovation growth hub, encouraging local investment and development opportunities.
The number of votes in favour of the BID was 189, equating to £7,639,050 in rateable value. However despite the votes against the BID being only 164, the rateable value was £7,639,650, just £600 higher.
Amber Kitching, BID Manager for Go Grantham, said: “It’s not the end of the Go Grantham company, but the BID has now come to an end. The decision that was made was what the businesses decided.
“We needed 50% and we got 49.998% of the votes. It is disappointed to lose out by such a small margin.
“If it had come down to the yes vote we would have won but we have to go by the rateable value.
“There’s still a lot of positives that have come out of it as the turnout rate was 42.8%. It’s very encouraging to see the support that we got and the people who turned out to vote. It’s just disappointing how it ended.
“We’re definitely going to look at the businesses that we have worked with on the BID in the hopes that we can work together in the future.
“Thanks to everyone who got involved. There was a huge team of people and it was a fantastic team effort. Its certainly something Im going to miss. It was a good year.”