In December, Newry Chamber of Commerce in partnership with Newry City Centre Management with the support of Newry & Mourne District Council expressed an interest in the DSD Pilot Scheme to establish 6 Business Improvement Districts inNorthern Ireland.
The application was 1 of 10 to be shortlisted to through to the next phase of the Pilot Scheme. Newry Chamber awaits the decision from DSD on Newry has been ed as one of the 6 BIDs locations for the pilot scheme.
What is a BID (Business Improvement District?)
A BID can occur where a group of interested businesses get together with their local authority to consider what improvements are needed in their area over and above statutory provision. They then put together a plan, cost it, and decide on an amount of levy that each business must pay over a 5-year period to fund the improvements. The plan is then put out for ballot across all businesses included in the BID area. If the ballot is successful, the BID is implemented, and all businesses in the area must pay. BIDs have seen tremendous success acrossEngland,Scotlandand many other European and international locations. Since the establishment of national Business Improvement District legislation inEnglandandWalesin 2005, there are over 180 BIDs in place investing more than £300 million into local economies. The Business Improvement Districts Act (NI) received Royal Assent on 21 March 2013 and consultation on secondary legislation is currently on-going with implementation expected by the end of 2013. This will, for the first time, allow businesses inNorthern Irelandto work with their local councils to establish BIDs on a statutory, rather than voluntary, basis.
Should you require further information on BIDs and how it would potentially impact Newry City Centre, please contact Orla Jackson at Newry Chamber office: 028 3025 0303.