Pursuant to Cabinet Minute No. 66, the Executive Director and Assistant Director – Economic Growth submitted a report seeking approval for revisions to the Council’s business rates policy for Markham Vale Enterprise Zone (MVEZ) to enable the income from business rates to be used to support the delivery of local economic priorities in and around Chesterfield.
In October, 2019, the Council had approved the establishment of a Joint Growth Board and a Joint Growth Unit in partnership with Derbyshire County Council to enable the development of detailed programmes of investment for key growth projects. The Unit would be funded from the retained MVEZ business rates income.
1. That 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. That 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. That approval be granted 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. That 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 made to Cabinet and Council as appropriate to ensure the programmes and associated spending are approved in line with the Council’s constitution.