A Business Improvement District (BID) is a local, democratically elected organisation that focuses on delivering specific improvements needed by local business in a defined area. BIDs invest in and deliver projects to improve the local trading environment, drive down business costs and raise the area profile. BIDs are led and controlled by business; they are independent, not-for-profit organisations with ring-fenced resources and finances.
The projects are funded by raising finance, principally, through a levy. The levy is an investment by businesses into a BID pot of money apportioned according to business needs. Businesses direct spend and are given a voice to shape the BID. We encourage our BID members to focus on their sector, street and overall vision to improve Newry City. The Newry BID levy has been set at 1.5% which is applied to the rateable value or NAV of the property.
A BID operates for five years. Throughout the term the BID is accountable to its levy-paying businesses and must demonstrate how it makes a difference. After five years a re-ballot must be held to enable the BID to continue.