Decision details

* RESOLVED –

That Cabinet recommends to full Council that:

(1)  The Business Rates income from the Markham Vale Enterprise Zone (MVEZ) be retained by the Council from 1 April, 2020 and re-invested locally to support the delivery of local economic priorities.

(2)  The change in Business Rates policy for MVEZ be applied annually for the remaining 17 years of allowable business rates retention up to 2036/37.

(3)  Approval be given to the proposal for three key programmes of investment: key projects delivery, economic growth activities and skills activities; and that the funding be particularly targeted at unlocking and accelerating key developments and sites and delivering better outcomes for local communities.

(4)  Detailed programmes of investment be developed, with a particular emphasis on the key growth projects being progressed through the Joint Growth Board, with Derbyshire County Council; and recommendations be made to Cabinet and Council as appropriate to ensure the programmes and associated spending are approved in line with the Council’s constitution.

REASONS FOR DECISIONS

1.     To revise the Council’s policy with regards to the retained business rates income from MVEZ, following the Council’s decision to discontinue its membership of the SCR LEP.

2.     To ensure that the retained business rates income is reinvested locally and used to support the delivery of local economic priorities in and around Chesterfield.