Purpose

This report seeks approval from the Cabinet Member on the Knightsbridge Property Owner Proposal.

Decision

Summary of Decision: The Cabinet Member for Planning and Economic Development has approved the Knightsbridge Partnership’s Property Owner BID proposal and requested that the Chief Executive as the City Council’s Returning Officer and “ballot holder” hold a ballot for the Knightsbridge Partnership in respect of their BID proposal.

Reason for Decision: The key aim of the proposed BID is to secure a long-term future in Knightsbridge by creating a district that will benefit residents, visitors, businesses and investors. Through partnership working with partners and the local communities, the objective is to ensure that Knightsbridge remains a vibrant, viable and sustainable area which works for businesses and residents. It will provide a voice for Knightsbridge property owners to encourage closer working with the two local authorities – Westminster City Council and RBKC – and Transport for London to identify, secure and deliver investment to enhance the district. The establishment of the BID will provide an opportunity to achieve a potential £5m investment into the area over the next 5 years.