MORE than £1 million could be pumped into vital Keighley town centre projects as part of a massive economy-boosting initiative.

Traders would pay a 1.5 per cent levy on their business rates to fund a raft of improvements aimed at attracting more visitors and investment.

If successful, Keighley’s creation of a so-called Business Improvement District (BID) would be worth more than a million pounds over five years.

Businesses in the BID area would vote on a package of measures, which could include increased marketing campaigns, new entertainment events and better facilities for visitors and shoppers, with the overall aim of substantially increasing trade and jobs.

A report on the scheme – being spearheaded by Keighley Town Centre Association (KTCA), with backing from Bradford Council – is due to go before the town’s area committee tonight.

KTCA vice-chairman, Graham Benn, owner of DIY Solutions Ltd in Cavendish Street, said: “We have had an ambition to do this for some years and now is the right time.

“We have made a good start.”

A steering group has been formed and a questionnaire distributed to gauge what type of projects businesses would like to see money spent on.

Steve McGevor, a partner at Stirk Lambert & Co accountants in Keighley, said: “KTCA is very creative but we could have so much more impact with the funding a BID would provide.

“We have the skill and imagination and this would provide the resources.”

Councillor Susan Hinchcliffe, the council’s executive member for the economy, said the initiative represented an exciting time for Keighley.

“It is the first place in the district to begin working for BID status – giving businesses a bigger say and more influence in the town,” she added.

“I’m really pleased local business bosses are taking the lead on this. We are only at the early stages, but all businesses have the chance to participate in the process.”

BIDs were introduced to the UK just over a decade ago and there are now about 200 nationwide. Each covers a defined geographical area.

A range of projects and services is agreed through consultation and the package is then voted on by all businesses in the BID area.

If a majority is in favour, the schemes are implemented with funding from the additional business rate levy, which is collected by the local authority and handed over to an independent body representing the BID businesses.