What is the Newport BID and what is Newport Now? They are the same organisation. A Business Improvement District is the term applied to a particular form of organisation which is business-led and business-funded. Newport Now is the company name. The BID provides businesses with the opportunity to take control of their commercial environment and to drive positive change in the area.
Why was the BID needed? Businesses considered that we had seen our city centre fall behind competing areas. We want to create a better city centre which is safer, more attractive and well promoted. Achieving this will help bring more visitors, attract new businesses and create a better environment for those who work and live in our city.
How many businesses in Newport are members of Newport NOW? There are 649 business units in the BID area, of which 541 are businesses. All are members of the BID.
What area does it cover? The city centre core including the railway station frontage, the riverfront, East Street and Stow Hill to Kingsway and Commercial Street and High Street.
How is money generated to fund Newport NOW? Through a small business levy, which is calculated by using the 2010 rateable value of a business unit, known as a hereditament, and is initially set at 1.25% in Newport city centre. All businesses within the BID boundary and with a rateable value of more than £5,000 contribute to the levy.
How is it managed? A board of directors made up of representatives from all sectors and sizes of BID levy payers supported by an executive for three days per week.
Who decides what specific initiatives or areas get expenditure or support? The BID board in conjunction with theme groups. These will be in line with the pledges and objectives contained within the BID proposal that businesses voted for at the BID ballot.