Q&A

Oct 22 2008 by Peter McCusker, The Journal

What is the City Centre Partnership?

The City Centre Partnership is an independent, business-led private limited company based in Newcastle city centre.

Its objectives are to strengthen the economic, cultural and social diversity of the city centre.

What is a Business Improvement District?

A Bid is a company established and run by the business community to deliver services and projects according to the priorities of the business community. It raises its funds through a 1% levy on business rates and additional funding it is able to lever in.

Why do the CCP want to establish one?

They want to establish a Bid as a way of addressing the challenges the city faces and boosting it profile across the UK and Europe.

What will it do?

It aims to provide a voice for business and, through environmental and security enhancements and improved marketing, a better business environment.

How will the levy be collected and what happens to the money?

The levy has, by law, to be collected through Newcastle City Council’s business rates system.

It must however be handed over to the independent Bid company in its entirety in order that it can deliver its programme.

Will the BID be able to lever-in other funds?

The average UK BID doubles its levy revenues with matched funding, which would give the Newcastle BID £15m over five years.

What are the voting requirements?

Every eligible business in the area is entitled to vote. In order to establish the BID;

-of those who vote, at least 50% must vote yes

-and, that 50% must constitute at least 50% of the total rateable value of all those who vote.

What are the next steps?

Eligible businesses were due to receive their ballot papers today. They can be returned up to 5pm on November 20. If there is a positive vote the Bid will commence on April 1, 2009 .