New Enterprise Zones Proposed for South Kirkby
Wed 20 Jul 2016
Proposals to create Enterprise Zones for South Kirkby Business Park and the Langthwaite Business Park extension are to be discussed by senior councillors next week.
The report to the Council's Cabinet recommends giving the sites Enterprise Zone status to make them more attractive to investors, accelerating the development of the vacant areas.
It is anticipated that this will help create employment opportunities and significant investment to the district.
Enterprise Zones attract investment by offering business incentives, such as discounted business rates. The West Yorkshire Combined Authority (WYCA) will retain any business rate increase for 25 years. This will be used to fund development required at the Enterprise Zone sites and other Leeds City Region growth priorities.
Companies investing in an Enterprise Zone area can also qualify for Enhanced Capital Allowances. This will provide financial support for investing in large equipment and machinery.
Cllr Denise Jeffery, Cabinet Member for Economic Growth and Skills, said:
"It is hoped that by creating Enterprise Zones in these areas, we can help attract significant investment into the sites. This will help create more local job opportunities and further investment into the district.
"Enterprise Zones are focused on providing support for new businesses, start-ups, inward investors or companies moving to the area, to help give them a competitive advantage. They then help to further support our regeneration schemes by reinvesting monies from business rates into other local improvements."
The Council is proposing to enter in Memorandum of Understanding agreements with Department of Local Government and Leeds City Region Local Enterprise Partnership. This will formalise the Enterprise Zone status and is to be signed by the WYCA and the Department of Communities and Local Government.
The report is being discussed by the Council's key decision makers on Tuesday 26 July.