Newport Now Business Improvement District (BID) has been backed for another five-year term following a successful ballot of city centre businesses.
Newport Now, financed and governed by the businesses of the city centre, will now continue delivering its projects and services until at least the end of March 2030.
Newport Now is one of 340 BIDs across the UK. All have to be voted in to existence by businesses in the area in which they operate to deliver 5-year business plans. At the end of each 5-year term another ballot of businesses is held.
BIDs are financed by a small statutory levy based on the rateable value of individual businesses. In Newport’s case, businesses will pay an annual levy of 1.5% of the rateable value of their premises during the next 5-year term. Only businesses with a rateable value of £5,000 a year or more pay the levy.
To win another term, Newport Now BID had to secure both a majority of those businesses that voted by number and rateable value.
A total of 76.2% of businesses who took part in the independently-run postal ballot that ran from October 31 to November 28 voted in favour of the BID’s continued tenure, with 85.9% of the combined rateable value of those who voted saying ‘Yes’.
This means more businesses voted ‘Yes’ this year than in the last ballot in 2019, when the ‘Yes’ vote percentages were 64% and 73% respectively. Turnout this year was 26% compared to 22% in 2019.
The results, released today by Newport City Council which conducted the independent ballot, show that businesses with a combined rateable value of more than £3.6 million voted.
The formal ballot result can be viewed here.
Newport Now will manage at least £1.1 million worth of investment over the next five years, building on their success of the last 10 years which has seen the BID play an increasingly significant role on behalf of city centre businesses while investing more than £3 million in a variety of projects and services.
The BID will continue to seek external grant funding to add to its levy income – this policy has secured more than £300,000 in grants since 2022.
The BID is governed by a voluntary board of directors, all of whom either own or run businesses in the city centre, and are either statutory or voluntary levy payers.
Zep Bellavia, Chair of the BID Board (pictured above right with BID manager Kevin Ward), said: “The BID has taken the lead in tackling many of the issues facing the city centre. I’m delighted businesses have seen the worth and value of the BID and delivered a Yes vote for another five-year term.
“City centre businesses are passionate about Newport and it is the BID’s role to represent their interests and ensure their money is spent appropriately. Thank you to all the businesses who voted Yes.”
Kevin Ward, BID Manager, said: “We are delighted with the results of the ballot, which show an increasing number of businesses in the city centre understand the importance of having a BID to represent them and to help improve our city centre.
“The projects we have delivered since 2015, including our day and night time Ambassadors services, events such as the Christmas lights switch-on and Urban Beach, shopfront improvement grants, savings advisory service, gift card and city centre app are all aimed at supporting the trading environment and increasing footfall.
“Businesses in Newport have a shared ambition for the city centre and we now have an increased mandate to deliver our exciting five-year business plan and, in partnership with other stakeholders, to ensure a bright future for the BID area.”
Newport Now BID will commence its third 5-year term on April 1, 2025.
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