Mayor of London Ken Livingstone has promised to match cash raised by the New West End Company if its proposals to become a business improvement district (BID) are approved.
New West End Company plans to raise about £3m a year in funding for marketing and environmental improvements via business levies and property owner contributions on Bond Street, Oxford Street and Regent Street.
Mayor Livingstone has promised that Transport for London will match that funding with £3m a year. The money will be spent on transport improvements in the area.
Livingstone said: “The £3m a year that will be raised by the BID is valuable, but more is required to make a real difference to the things that count. My plans for investing an additional £3m a year will help to improve the West End and help to make the area a more attractive place to visit.”
Jo Valentine, chief executive of London First, said they were delighted the mayor was matching funding.
She said: “The collective commitment from stakeholders in the West End, including the property owners who have voluntarily agreed to match contributions made by retailers, is vitally needed to support and improve this key retail area.”
New West End Company will find out whether it has become a BID in April next year.
References: EGi News 07/12/04
