Five years ago, the business ratepayers in Croydon town centre voted to establish a Business Improvement District (BID). A BID has the power to levy a supplementary business rate levy and it controls how the additional money raised is spent.
Over the last five years, the BID has invested £7.5million to fund additional street cleaning, extra police officers and events and festivals which have drawn visitors to the town. It also runs the award-winning Croydon Visitor Centre and the Croydon Business Crime Reduction Partnership, which tackles crime and anti-social behaviour in the town centre.
Over the last few weeks, business ratepayers have been balloted about whether the BID should continue for another five years. I am delighted that they have overwhelmingly voted in favour (just over 71% of premises representing nearly 79% of aggregate rateable value voted yes – a significant increase on the support five years ago).