Croydon’s £5.25bn regeneration programme has been boosted by the government.
As part of a new devolution deal, central government is to grant Croydon the power to retain 50% of new town centre business rates and has contributed £7m for a five-year infrastructure programme.
The £350m scheme, being delivered by the council and its GLA partner the mayor of London, comprises 39 projects, including transport, schools and public realm improvements.
Leader of the council Tony Newman said: “Croydon is changing. This vital backing from central government shows the importance of Croydon to London and the South East, and supports this administration’s plans to transform our borough.
“Giving us the power to keep some of our business rates and £7m of grant funding will help us fund a multi-million-pound infrastructure programme, which is essential to supporting the regeneration and growth of the borough.
“It is set to bring huge economic benefits to our resident and transform Croydon into a modern European city.”
John Burton of the Croydon Partnership, a joint venture between Westfield and Hammerson undertaking a £1bn redevelopment of the Whitgift shopping centre, said:“Today’s funding confirmation for Croydon’s Growth Zone is good news for the town and is a vote of confidence in the economic importance of this London borough. The backing will help deliver the much needed infrastructure which is required for the £5.25bn regeneration projects planned for the town centre.”
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