Croydon Council has supported a Business Improvement District (BID) for New Addington.
New Addington BID will be formed by business rate payers from Central Parade, Salcot Crescent and Chertsey Crescent and each year will raise a levy which will be reinvested into regenerating the area, assisting economic growth and supporting local community projects.
This would be Croydon’s second BID, following the very successful Croydon Town Centre BID that has funded more police, extra cleaning and regular events in the town centre.
There would need to be a ballot of the business rate payers in the area to set it up, but the organisations have been involved in discussing this since 2008 so this is likely to be just a formality.
In total the BID levy would raise an estimated £105,000 over five years based on contributions set at an extra two per cent of the business rate per year. If other developments go ahead, such as the proposed new leisure centre and supermarket on Central Parade, then this is likely to increase significantly and improve the range of projects that New Addington BID could support.
The BID’s proposed priorities for its first year include Market Square maintenance and a programme of events, funding Christmas lights, planting new trees and flowerbeds and the online promotion of local businesses.
This new BID is an opportunity for local businesses to have a direct impact on their area. People who don’t know it often describe New Addington as deprived. It does have its problems but it has an incredibly strong sense of community. It’s great to see businesses prepared to pay extra tax to help improve the place.