The cynic in me says probably yes, why? Well 12 directors from the Croydon Economic Development Company walked out yesterday citing "unprecedented financial constraints imposed from central government". Public Property UK have the full story.
The future of the regeneration body now looks uncertain after it was taken over by the council in November 2009 after running into financial problems. These look to have now worsened after the withdrawal of funding from the Department for Communities and Local Government's Local Enterprise Growth Initiative. Tony Kildare, the company's chief executive, is now the only remaining board member, as the regeneration body begins to wind down its operation.
We all know Croydon has missed the last couple of economic cycles; the town now needs to be in a position that when the next cycle comes albeit probably not for a while it can reap the benefits as the potential for Croydon is huge. Masterplans are currently being put together for both East and West Croydon by the council and these are expected to go before public consultation in September.
Lets hope the council can produce the right conditions for the private sector to thrive and regenerate the south London borough, because they won't be getting any help from third party regeneration bodies or quangos; public sector cuts mean they are falling by the wayside.
Above is a model of what the Croydon proposals looked like back in 2008.