That is how much the Elgin Business Improvement District (BID) steering group predicts may be generated by the initiative.

The bulk of that money would come from a fee levied against businesses within the defined city centre BID area.

However, funding would also be sought from public agencies and Europe.

The Elgin BID has published its draft business plan for the period 2010-2015 which it hopes will persuade local businesses to support the move.

A ballot of businesses will be held in November when a majority yes vote will be required for the project to proceed.

David Urquhart, Elgin BID chairman, is convinced it will win the backing of the wider business community.

He said the business plan represented an "extremely valuable investment" in the city centre trading environment.

"The BID development will enable the business community to act collectively, attract new ideas and investment, offer a unique opportunity for us all to take ownership, enhance business profitability and move forward exciting proposals in partnership with the public sector," he added.

The business plan has been developed following nine months of consultation with local businesses, local shoppers and a series of working group meetings.

That revealed that people like visiting Elgin because it is friendly and is easy to get around and accessible.

However, the range of shops, particularly specialist outlets, ranked very poorly in the survey.

The light-grey shading marks out the proposed area for the Elgin BID scheme.

A better mix and diversity of shops was the key message to emerge from shoppers and local businesses themselves.

Improved cleanliness, the removal of chewing gum and litter, and smartening up shop fronts also emerged as of great importance to local businesses.

The draft business plan identifies a number of key projects to take the city centre forward.

These include:

• Attracting more quality and specialist retailers.
• Building a reputation and marketing Elgin as a vibrant destination.
• Employ a town centre manager to co-ordinate all BID activity.
• Develop a calendar of professional and community events – music, theatre, civic, social, sporting and markets which would complement the city centre.
• Improve the appearance of non-commercial outdoor spaces.
• Clean public areas, buildings and frontages.
• Improved signage for pedestrians and traffic.

The cost to local businesses if they vote in favour of the BID project going forward has also been outlined to local traders in the business plan.

For businesses with rateable values up to £5,000, the cost would be £50 a year, rising to £150 for businesses up to £10,000, £375 (£25,000) all the way up to £4,500 for any businesses with a rateable value of £300,000.

Mr Urqhuart, who is joint managing director of Gordon and MacPhail, said Elgin BID would allow businesses to prioritise what improvements are needed and have a strong influence in driving forward a vibrant and exciting city centre.

The BID area is focussed on the main city centre and takes in the High Street, South Street, Moray Street, Commerce Street, Batchen Street, Lossie Wynd, North Port, North Street and part of Borough Briggs road.

More information on the BID proposal is available online at www.elginbid.co.uk

c.saunderson@northern-scot.co.uk

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