Joint report of the City Surveyor and Director of the Built Environment.
The Board considered a report of the City Surveyor on City of London Corporation’s Business Improvement Districts (BID) Strategy. The City Surveyor introduced the report and summarised the central components of the BID Strategy.
Replying to a request from a Member of the Board the City Surveyor agreed to remove the reference to income generation in BID Strategy.
The Board questioned the City’s funding arrangements for BIDs. It was confirmed that the funds required to support BIDs had been allocated in the current budget but would need to be agreed for individual BIDs on a case by case basis. The City Surveyor noted that the BID Strategy supports many of the key goals of the Corporate Plan. A Member noted that the approval from the Board should be subject to funding being available.
In response to query from a Member the City Surveyor explained that the engagement with the ballot would be the primary measure of the success of the BID Strategy.
RESOLVED- The Board agreed to consider requests to become joint funding partner for the life of a voluntary partnership only where significant assets managed by Property Investment Board are in the partnership area, and where its involvement will aid the establishment of a Business Improvement Districts for the area.