The council has welcomed the decision by town centre businesses to back Croydon Business Improvement District (BID) for another five years.
Croydon BID represents over 500 organisations in the borough and enables businesses to have a greater say and get involved in improving the area as a place to live, shop and work.
The businesses’ ‘yes’ vote secures more than £4.1 million of income for Croydon BID between 1 April 2017 and 31 March 2022, which will be invested in vital projects and services to ensure growth in Croydon and further economic success. The BID’s income is raised through a 1% levy on businesses in the town centre whose premises have a rateable value of £40,000 or more.
Announced by Mayor of Croydon, Councillor Wayne Trakas-Lawlor this afternoon, the motion of support for Croydon BID follows a 31-day ballot by the council’s electoral services of which 81.79% of businesses expressed they were in favour of the BID’s proposed third term.
Councillor Tony Newman, leader of the council
“I am delighted businesses have backed Croydon BID for a third, five year term. It has done fantastic work in the town centre strengthening the impact of regeneration in the area.
“Croydon town centre is changing rapidly, demonstrated not only by the recent arrival of Boxpark but also the £30m refurbishment of the Fairfield Halls and the £1.4bn redevelopment of the Whitgift Centre. It is clear from the continued backing by local businesses they have confidence in Croydon BID and their important contribution to Croydon’s success.”
Since its launch in 2007, Croydon BID has invested more than £15 million into raising the profile of the town centre and on implementing improvements to create a safer, cleaner, more accessible and more attractive environment.
Councillor Mark Watson, cabinet member for economy and jobs, added: “The local business community have an important role to play in Croydon’s growth. It is great news Croydon BID has secured another term and will continue to speak up for local businesses and champion their views during the ongoing town centre redevelopment.”