Businesses will vote on whether they want to pay higher business rates for improved services
Crossrail trains will be rolling into Farringdon by 2019, and the expanded station is expected to bring more people to the area than ever before.
The area is now the site of a proposed business improvement district (BID).
According to the government’s website, a business improvement district is “a defined area in which a levy is charged on all business rate payers in addition to the business rates bill. This levy is used to develop projects which will benefit businesses in the local area.”
The proposed BID for Farringdon and Clerkenwell is being backed by Islington Council, the GLA and TfL.
Its implementation would require the majority of over 100 businesses to sign up to pay higher rates in the hope local authorities will substantially improve the working environment.
Affected businesses are now able to vote on whether they’d like the BID to go ahead or not.
Tass Mavrogordato, who is leading the project, said: “Farringdon & Clerkenwell has long been London’s design district, and the new BID will celebrate and preserve this innate character. In the advent of Crossrail, the BID will also enable businesses here to shape and direct growth so the area plays a full role alongside neighbours such as Tech City, Midtown, the Square Mile, the Barbican and the emerging new Cultural Quarter at Smithfield.”
Cllr Asima Shaikh, Islington Council’s economic development leader, said: “I welcome the BID for Farringdon and Clerkenwell. The council is fully supportive of BIDs because they enable businesses to work together for the local economy and bring significant benefits to the local community, including new employment and training.”