Enterprise Zone - Re-Investment of Business Rate Uplift
Decision Maker: Cabinet, Leader of the Council
Decision status: Recommendations approved
Is Key decision?: Yes
Is subject to call in?: Yes
Decisions required on the implementation stages of the Mersey Waters Enterprise Zone.
Councillor Phil Davies introduced a report by the Strategic Director - Regeneration and Environment sought approval to develop a Wirral Waters Enterprise Zone Investment Plan. The local plan would build on Government Enterprise Zone Policy to use uplift in business rates within the EZ as a catalyst for the longer-term regeneration proposals of Wirral Waters and other economic regeneration programmes in Wirral.
The Cabinet noted that the Investment Plan would develop a base financial model for growth, identify and assess key risks and propose a schedule of projects that required funding which would be provided through the uplift in business rates generated by the Wirral Waters Enterprise Zone. The Investment Plan would be presented to the Cabinet for approval and every subsequent project proposal would be considered on a case by case basis.
The Strategic Director explained the technicalities associated with his proposals informing that this followed on from the previous report. He reported that an important consideration was that the Council retained the business rate uplift and reinvested in the enterprise zone. The Strategic Director proposed that the Council utilised the business rate uplift and borrow to develop an Investment Plan. He asked the Cabinet to use the business rate supplement and develop a plan to accelerate further development.
Councillor Phil Davies informed the Cabinet that it was fantastic to see two schemes already underway in the Wirral Waters development. They would be the catalyst for others that would follow.
(1) the Cabinet agrees to the development of an investment framework for the reinvestment of business rate uplift within the Wirral Waters Enterprise Zone in order to support the delivery of the Councils Investment Strategy and long -term vision of Wirral Waters;
(2) the Cabinet will receive the copy of the investment framework and project business plans on a case by case basis;
(3) a formal sign off be given to the Enhanced Capital Allowances area of the Enterprise Zone; and
(4) an annual report on the performance of the scheme be presented to the Cabinet.
Publication date: 25/03/2015
Date of decision: 12/03/2015
Decided at meeting: 12/03/2015 - Cabinet
Effective from: 02/04/2015