A ballot carried out during February voted by a 80.3% majority in favour of the proposal, which will introduce an annual levy on the larger employers based in the city centre.
More than 30% of the 431 businesses eligible to vote in the ballot put pen to paper to have their say.
The Amazing CMK BID, which is expected to fund initiatives improving the city centre, will be funded through an agreed levy on businesses based in Central Milton Keynes which pay more than £50,000 a year in business rates.
The Amazing CMK BID Business Plan represents a set of key priorities to employees and businesses in Central Milton Keynes which emerged from forums, briefings and one to one meetings.
Those priorities focus on five key areas: safety; cleanliness; mobility; skills and events.
The ballot result was unveiled to supporters by Milton Keynes city centre manager Melanie Beck at Jurys Inn. She said: “It was really important that we got the 30% turn-out because we wanted to feel we had a credible mandate. Now we do.”
The Amazing CMK BID is the tenth largest in the UK in terms of annual revenue generated, she added, and the fourth largest outside London.
She and her team will spend the next three months establishing the BID structure and recruiting its board members ahead of the BID starting work on June 1.
Milton Keynes Council leader Cllr Pete Marland said: “I support the BID because Central Milton Keynes is the heartbeat and showcase of our city. It is a great example of how partners can work together to make central Milton Keynes even more prosperous.”