Fri, 04 Nov 2016
NEWBURY Business Improvement District (BID) has been backed by town traders to run for another five years.
The BID has been responsible for managing the town centre since its formation and is financed by companies paying the levy, which equates to 1.5 per cent of their ‘rateable value’.
Over the past few weeks, businesses that fall within the BID area have been handed forms asking them to vote on whether they want to see continued support for the BID.
And in a show of confidence for the organisation town businesses have backed the BID to run until 2022.
Of the 339 businesses (53.1 per cent) that voted, 73.2 per cent voted in favour by number and 83.7 per cent in favour by rateable value.
Managing director of the BID, Russell Downing, said: “This is a great result for Newbury and a positive sign that businesses in Newbury are keen to build on the work undertaken in the first term.
"This also reflects on the achievements that the BID have made over its first term, and the hard work of the Board, supporting groups and levy payers.
"Clearly there will be businesses that have not voted in support of the renewal and it is vital that we engage and understand what we can do for these businesses going forward."
The BID is a defined area within which businesses are required to pay an additional tax (or levy) in order to fund projects within the district's boundaries.
The result was announced this morning (Friday).
For more on this story see next week's Newbury Weekly News.