City of London backs two new BIDs
The City of London Corporation has backed the formation of two new business improvement districts in the Square Mile.
The BIDs – one covering Fleet Street and the other the so-called Eastern cluster, including Bishopsgate and its growing number of office towers – could see more than £30m invested by the private sector to fund projects in the areas over the next five years.
Businesses in the areas covered by the Fleet Street Quarter and EC Partnership will be balloted on the establishment of the BIDs in January. If successful, they will be set up in April.
The City of London Corporation has backed the formation of two new business improvement districts in the Square Mile.
The BIDs – one covering Fleet Street and the other the so-called Eastern cluster, including Bishopsgate and its growing number of office towers – could see more than £30m invested by the private sector to fund projects in the areas over the next five years.
Businesses in the areas covered by the Fleet Street Quarter and EC Partnership will be balloted on the establishment of the BIDs in January. If successful, they will be set up in April.
These BIDs would join others covering Cheapside and Aldgate. In a BID area, business rate payers pay an extra levy that is put towards projects that will benefit the business community, including extra safety/security, cleansing and environmental measures.
Ruth Duston, managing director of Primera, which manages the BIDs and partnerships across the capital, said: “By April 2023, there could be five BIDs operating across the Square Mile, generating an aggregate BID levy income of around £7m per year.
“This is a significant investment – it can deliver tangible enhancements and leverage in additional funding, pump-priming major strategic projects, testing new concepts, and gives a powerful voice to local businesses.”
Chris Hayward, deputy chairman of the policy and resources committee at the City of London Corporation, said: “The recovery from the pandemic represents a pivotal moment for the Square Mile, so now is a particularly important time for the private and public sectors to come together to rise to the challenge.”
Andrew Reynolds, chair of the EC Partnership, said: “Our aim is to create a more sustainable, agile City with a greater sense of social purpose and I look forward to promoting the potential during the ballot campaign.”
Alistair Subba Row, chair of the Fleet Street Quarter Partnership, said: “Clearly, we have a campaign to win ahead of the ballot next year, but our early engagement with businesses suggests the support for a BID is there, with many recognising the huge opportunity we have before us.
“The Fleet Street Quarter area is changing, and I firmly believe that with a BID championing our priorities we will be stronger. Now we must ensure this message is understood by the wider business community so the opportunity can be seized.”
To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews
Photo from REX/Shutterstock
