Businesses in Harrow Town Centre have come together and voted to create a Business Improvement District (BID), which will see more than £1.8m invested in the area over the next five years.
There was a majority vote on Friday in favour of a proposal which will see businesses with a rateable value of more than £30,000 pay a levy of 1.5% on their business rates.
This will raise more than £1.8million over the lifetime of the BID, which will be spent on further improving the look and feel of the town centre and encouraging more shoppers through events and promotion.
The BID will also give the town centre businesses a stronger, collective voice. Decisions on spending will be made by a board of directors representing the various businesses involved.
The efforts to set up a BID in Harrow town centre have been led by a development group chaired by Gary Stevenson, store manager at Debenhams Harrow.
Gary said: “I am very pleased with the result which will enable us to build on the recent investment in the public realm and programme of events that have brought more people to the town centre.”
Harrow Council Cabinet Member for Business and Enterprise Cllr Kamaljit Chana said: “The BID will be a further boost for the area, meaning more money can be invested in making it an even better and brighter place for both visitors and businesses.”
Harrow BID is the 171st to be established in the UK and the 38th to be established in London.
The work involved in developing the Harrow BID has been supported by the Mayor’s Outer London Fund, which is helping increase the vibrancy and growth of high streets across London.