Businesses in New Addington are to become a major drive behind the economic development and regeneration of their own area.

Next Monday, Croydon Council cabinet members are expected to give their support to the proposed New Addington Business Improvement District (BID), which would comprise of business rate payers from Central Parade, Salcot Crescent and Chertsey Crescent.

As a company, the New Addington BID would raise an annual levy, which would be re-invested in the area's regeneration, economic growth and projects to complement the Council's priorities of environment improvement and crime prevention.

Consultation about the BID has been ongoing with local businesses since 2008.

The private sector initiative led by Central Parade Business Partnership (CPBP) and the decision to go ahead is down to the BID shadow board and CPBP.

If voted in, the BID would be the borough's second BID.

The New Addington BID levy would raise approximately £105,000 over five years based on contributions set at an extra two percent of the business rate per year.

For the first year, the BID's proposed priorities include Market Square maintenance and a programme of events, Christmas lights, planting and internet promotion of local businesses.

Ballot papers will be sent to eligible businesses on November 6, with ballot day held 28 days later. If there is a 'yes' vote, the BID is due to start on February 4, 2013.

Councillor Vidhi Mohan, cabinet member for communities and economic development said: "New Addington is an excellent location for a second BID within the borough because of the district's history of positive business engagement with the Council.

"It is an opportunity for the Council to strengthen its support for economic growth in New Addington and for businesses to have a direct impact on transforming their district and increasing footfall.