The inmidtown business improvement district has won funding from the Greater London Authority to explore the creation of a new BID for Farringdon and Clerkenwell.
The GLA has allocated £30,000 for the development of a BID establishment proposal, which is being led by inmidtown chief executive Tass Mavrogordato, Islington council and Transport for London, backed by Derwent London and Appear Here.
Consultant Central Management Solutions will also work on the proposal for the area up to the boundary with Old Street. It is due to be completed by January, with consultation running until November.
A ballot would then be run to form a BID by March 2016, if a clear economic rationale is established.
The BID would seek to capitalise on the £2.7bn investment expected in Farringdon and Clerkenwell ahead of Crossrail’s opening in 2018 and an upgrade of the Thameslink line.
Mayor of London Boris Johnson has said he wants to establish 50 BIDs across London. There are currently 37 in operation in the capital and 185 across the UK.
Mavrogordato said: “We want to work with businesses to harness the area’s growth as a destination for all, including the creative and design industries, cultural establishments and SMEs. We will also explore ways to capture people flow potential and convert it into dwell time.”
