As the Pool of London Partnership enters its final year of SRB funding, it reveals plans to hand over some of its projects to the London Bridge BID Company.
The BID levy on business rates will raise around £3.5 million over a five-year period, which will provide services across several themes, including targeted local cleaning and rubbish removal services, extra local policing, extra marketing support, and a programme of free information and networking events for the business community.
â€œWe are delighted with the strong mandate that businesses have given the business improvement district proposal," says James Dinwiddie of Dinwiddie MacLaren Architects, chairman of the new London Bridge BID Company.
"We're looking forward to developing projects and services which will benefit each and every organisation operating within the business improvement district – and providing a stronger collective voice on important local issues."
This is SE1's third BID – and the second to become operational. Better Bankside has been operating for more than a year, and last month North Lambeth businesses voted to back the establishment of the Waterloo Quarter Business Alliance as a BID.
More than 70 business representatives attended an event held last month to launch the new company.
The London Bridge BID area covers the south side of the river between London and Tower Bridges, and stretches inland as far as St Thomas' Street and Snowsfields.
The PLP successfully bid to the London Development Agency in SRB rounds 2, 4 and 6 providing £31 million of regeneration funding for the area. This figure has been effectively tripled through match-funding the PLP has obtained for the 200 projects its have delivered over the last nine years.
The PLP says that many of the large-scale environmental improvement projects that it has funded were designed with associated management and maintenance plans to help ensure the investment is protected beyond the partnership's life.
Part of the PLP's strategy to protect its legacy has been to support the establishment of the London Bridge Business Improvement District.
One of the PLP's projects for the final year will be to ensure a smooth handover of some of their projects to the London Bridge Company. This will involve taking over some of the area management issues that the PLP has been tackling over the years, the marketing of the destination to residents, workers and visitors and projects to build links between businesses and the local community, especially schools.
The PLP will work in partnership with the London Bridge Company during the forthcoming transitional year. Existing PLP projects will be co-branded with the London Bridge Company to help illustrate the types of services that will continue through the Company after the PLP ends
"We are delighted that the local business community has given the London Bridge Company such a strong mandate with 72% of votes cast in favour of the BID, commented PLP chair Eddie Oliver. "The PLP looks forward to working with the new company during its first year to ensure the long-term competitiveness and quality of the environment."