The body, which was first formed in April 2013, will now run until March 2023 following the ballot in which 80 per cent of voters from the retail, leisure, business and education sectors in the area (and 84 per cent by total rateable value of votes cast) gave their backing to the organization.
In total, 45 per cent of businesses voted in the Renewal ballot – an increase in turn out of 35 per cent compared with the Term One ballot.
Ian Sandison, Chairman of Cambridge BID, said: "This is excellent news for Cambridge as it means that £4.5million of investment will be generated for the city over the next five years. We are very pleased with the outcome and look forward to delivering our existing projects as well as the services and initiatives outlined in the exciting new business plan. Our vision is to create a world-class experience for all who visit, live and work in Cambridge, a global city.
“I would like to take this opportunity to thank the business community for showing faith in the work of Cambridge BID, as well as our partners such as Visit Cambridge & Beyond, Cambridge City Council and others with whom we have worked closely and will continue to do so.”