Regeneration cash paid in by Colwyn BID businesses should now be invested in the local area after “progress” was made to save the money from going to the Crown.
The Business Improvement District (BID) launched in 2016 and saw businesses paying in a levy to pay for projects to regenerate and promote Colwyn Bay, Mochdre, Rhos-on-Sea and Old Colwyn.
However the BID proved unsuccessful with delays on delivering projects and it was terminated early - with the directors of the BID resigning last March.
This put the organisation at risk of being struck off and dissolved with all its property, assets and cash owned automatically passed to the Crown.
It is understood around £300,000 of cash collected from levies on business owners remained in the regeneration pot.
Now Conwy County Borough Council(CCBC) - which stepped in after the BID directors resigned - has confirmed that “progress has been made” to retain the money locally.
They said: “We expect that there will now be an orderly winding up of the BID, which means a company strike off will be avoided.
“Subject to final accounts, it is hoped that the BID monies will be applied to any community projects that were properly approved by the Board.
“Then, if there’s any surplus it will be distributed in accordance with the BID regulations.”
Syd Gaskin, director at Gaskins Carpets & Beds in Mochdre, has been waiting five years for some simple signs to be erected at the business park in the village.
He said: “I’m pleased to hear CCBC have made progress.
“Looking forward to seeing progress, especially on the delayed Mochdre signs project which has been a priority since the inception of the Colwyn BID.”
