The Government has been urged to hand Croydon Council new powers to allow it to forge ahead with a £5.25bn regeneration programme.
The council wants to retain taxes raised from new developments and invest receipts in a growth zone designed to deliver 8,300 new homes and 23,600 new jobs. Proposals include ring fencing stamp duty on new homes and retaining business rate uplift on new commercial development.
It would also create ‘a metropolitan centre development company and a rolling investment fund to help deliver housing, infrastructure and private sector development’.
‘There has never been a better time to invest in Croydon and support our ambitions for growth,’ said council leader Tony Newman.
‘Croydon is a modern European city on the cusp of a massive, once-in-a-lifetime regeneration opportunity, bringing with it multi-billion pound investment, and thousands of new homes and jobs – which we are ready and able to deliver.
‘Central government and the Mayor of London know that cities like Croydon hold the future to the economic regeneration of the entire region, and that’s why we’re asking them to help us to reach our fantastic potential.
‘Everything is aligned and ready to happen right now; and by giving us the powers to make our own decisions, and to raise our own funds and reinvest them locally will not only kick start our delivery programme but help us unlock that potential and deliver our vision.’ Steve Reed, MP for Croydon North, described the borough’s vision as ‘an Olympic scale opportunity for London’.'
He added: ‘Croydon can deliver a scheme at the scale of a new garden city in around half the time, and the council is committed to ensuring that this growth delivers benefits for all those that live, work and invest in Croydon.’
