Agenda item

Pursuant to Cabinet Minute No. 46 (2023/2024) the Service Director – Economic Growth submitted a report seeking approval for two development sites within the borough of Chesterfield to be part of an East Midlands submission to Government for Investment Zone (IZ) status and for the Chesterfield sites to be designated as Business Rates Retention areas.

RESOLVED –

1.      That the submission of an East Midlands Investment Zone proposal to Government, to include two development sites (as identified by the plan in Appendix A) within the borough of Chesterfield be supported.

2.      That it be agreed in principle for the 2no. development sites to be designated as Business Rates Retention areas in line with Government policy, subject to:

a)    The formal establishment of the East Midlands Mayoral Combined County Authority (EMMCCA) in May 2024

b)    The Council being satisfied with the final terms of the Business Rates Retention Policy applicable to the East Midlands Investment Zone

c)     The Council being satisfied with the final terms of the Reinvestment Strategy developed by EMMCCA to guide the reinvestment of the retained Business Rates within the East Midlands area

d)    The Council being satisfied with the governance arrangements for the East Midlands Investment Zone, when finalised, and the Council’s role within them.

3.      That, given the need for the Council to be able to advise EMMCCA and Government in a timely manner of its position ahead of the final Gateway submissions, authority be delegated to the Chief Executive, in consultation with the Service Director for Finance and the Leader of the Council to consider the final proposals and arrangements for the East Midlands Investment Zone and conclude the terms of the Council’s involvement.

4.      That an update report be submitted to Cabinet on the East Midlands Investment Zone as and when the outcome of EMMCCA’s submission to Government is known.

5.      That the Council reserves it’s right to review its position in relation to the two development sites being designated as Business Rates Retention areas should there be a change in Government policy and / or a change in the Council’s relationship with EMMCCA.