Croydon has been handed a major government boost after a new growth zone deal allowed the borough to retain half of new town centre business rates.
The devolutionary arrangement will help Croydon to deliver its £5.25billion regeneration programme creating thousands of new jobs and homes for local people.
The government has also awarded Croydon £7million to help underpin the delivery of a £350million infrastructure programme being delivered by the council and the Mayor of London which features 39 key projects including transport, schools and community infrastructure, regeneration and public realm improvements, and support for small businesses.
Brandon Lewis, Minister for Housing and Planning (centre) chats to Croydon Council’s Jo Negrini and Colm Lacey on the Develop Croydon Stand at MIPIM 2016
The projects are critical in supporting the delivery of the borough’s £5.25bn regeneration programme that will offer huge economic benefits to residents and businesses, including the creation of 23,500 new jobs and 8,000 homes.
Support for the borough’s growth zone comes after the council, the Mayor of London and partners worked with government to help accelerate the borough’s major regeneration projects.
Councillor Tony Newman, leader of the council 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.”
The deal has been brought forward by cross-party negotiations and lobbying from the Labour-run Croydon Council and Conservative controlled Greater London Authority with central government.
Sir Edward Lister, Deputy Mayor for Planning and Policy said: “The Mayor and Council are working hard to breathe new life and vitality into Croydon, so we are delighted to hear the news of this latest boost.
"It is important that retail and social hubs are welcoming, attractive and reflect the upsurge in confidence in the town. This programme is just one of a number of projects that we are working on as we regenerate Croydon to make it a major driver of our economy.”
Communities Secretary Greg Clark said: “We’re devolving powers from Whitehall to Town Halls across the country, putting power directly in the hands of communities to shape the future development of their area.
“That’s why I’m pleased we are able to offer not just £7million to Croydon’s Growth Zone, but also the freedom to retain local business rates for the next quarter of a century. This will help to deliver the infrastructure and homes that are needed.
“I look forward to seeing for myself how this important investment can make a real difference to Croydon and the lives of local residents.”