City centre BID hits the final countdown

Nov 19 2008 by Peter McCusker, The Journal

NEWCASTLE firms have until 5pm tomorrow to cast their vote on the scheme to create a Business Improvement District (BID) in the city centre.

The vote got under way last month and the result will be revealed in nebusiness on Friday.

More than 1,000 city centre businesses have been given the opportunity to express their views on the BID.

If approved, businesses will pay a sum of money – equivalent to 1% of their business rates – which will be used to improve the city centre.

Supporters of the scheme say it will be of benefit to all city centre users.

Retailers will see improved trade, shoppers and leisure users will be enjoy a more attractive ambience and tourists will find a clean, vibrant and secure city centre.

Sean Bullick, director of the City Centre Partnership which has developed the BID idea, said last night: “We are very excited to learn the result of the ballot.

“BIDs have achieved fantastic results in other cities around the country and a positive vote here will have a huge impact, particularly in these difficult economic times.

“All businesses pooling individually small contributions and levering-in additional third party funding is by far the most efficient form of investment, achieving returns simply not otherwise possible.

“I hope the city centre’s businesses take advantage of this opportunity.”

Every eligible business in the area is entitled to vote. In order to establish the BID 50% of the votes must support it and that 50% must constitute at least 50% of the total rateable value of all those who vote.

If there is a positive vote the BID will commence on April 1, 2009.