Wood Green firms to vote on extension of business improvement district

Plans to boost investment in Wood Green by almost £1.7million by extending and expanding a business improvement district (Bid) will be put to a vote.

Businesses in the area will be able to vote on proposals to continue the Wood Green Bid – which was established in 2018 for a five-year period – for a second five-year term.

Plans have also been set out to expand the Bid to include Turnpike Lane and the Clockwise building at 50 Station Road, with businesses in those areas also able to take part in the ballot.

The special zones work by charging an extra levy on all business rate payers to raise funds for projects that will benefit firms in the local area. The levy can be charged for a maximum of five years.

A report presented to a meeting of Haringey Council’s cabinet on Tuesday states that businesses feel extending the Bid would help to tackle barriers to improving Wood Green such as “a lack of high street variety, crime and negative public perceptions about the area”.

It adds that the Bid has already “contributed a great deal to the vitality of Wood Green”, supporting businesses throughout the Covid-19 pandemic, helping to create a new library garden, and expanding a crime information-sharing network.

Plans for the second term include hosting events such as Haringey Pride and Community Fun Day, introducing a recycling service, and examining proposals for more specialised markets such as a youth market and a food-and-drink market.

According to the report, consultation with Turnpike Lane businesses regarding the Bid’s expansion has “proven broadly positive”. A survey of 24 businesses found 42% would vote to become part of the Bid, 21% would vote no and 37% would need more information.

Adam Jogee, cabinet member for economic development, jobs and community cohesion, told this week’s meeting that Bids were “very effective in supporting economic growth”.

Cllr Jogee added: “By approving this report, we will be allowing the Bid to continue the important work it does to support businesses and help to ensure that Wood Green reaches its full potential.”

Cabinet members unanimously approved plans to hold a vote on the Bid proposals, with the final day of the ballot scheduled for 23rd February next year.