Town centre BID website launched

A proposed consortium of Newbury businesses could fund town centre projects

A WEBSITE has been launched to inform businesses and the general public about a potential business consortium that could be adopted in Newbury and generate £200,000 for town centre projects and improvements.

Rate-paying businesses in Newbury town centre are currently being consulted on whether they want to form a Business Improvement District (BID), which is a defined area in a town in which businesses must pay between a one and five per cent levy, based on the rateable value of the size of their business, generating a possible £200,000 a year for town centre projects.

Newbury BID manager, Russell Downing (pictured), said: "We hope to inform the business community in the town centre of the free services the BID offers. With this in mind, we're developing a whole section dedicated to the projects and schemes they've told us they want to see in the town centre.

"Eventually each business in the BID area will be able to vote on the schemes they want to see delivered."

To find out more about the proposed Business Improvement District (BID) go to www.newburybid.com

If you wish to join the BID steering group or if there are any ideas you would like on the site contact Mr Downing on (01635) 760309 or email russell.downing@newburybid.com

There are currently 495 businesses within the proposed Newbury BID area.

In order for the BID to succeed, 50 percent of those that have voted on it must vote in favour. Also, the aggregate rateable value of those that have voted in favour must be more than that of those who have voted against.

A postal vote on a Newbury BID will take place between April 1 and 28 next year.

The result of the ballot will be announced on the April 30, 2012, once all papers have been counted.