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*RESOLVED –
That is be recommended to Full Council;
 

1.  
That the submission of an East Midlands Investment
Zone proposal to Government, to include 2no. development sites (as
identified by the plan in Appendix A) within the borough of
Chesterfield be supported.
 

2.  
That it be agreed in principle by the Council 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 2no. 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.
 
 
REASONS FOR DECISIONS
 

1.  
An Investment Zone (IZ) offers the potential for the
Council to secure tax incentives and additional capital and revenue
funds to support the development of 2no. key regeneration sites
within the borough of Chesterfield for the benefit of local
residents and businesses. The proposal supports work already
carried out with partners and landowners to catalyse development of
the Staveley Growth Corridor as detailed in the Council Plan
2023-27.
 

2.  
The designation of the 2no. development sites as
Investment Zone sites with a focus on green industries and advance
manufacturing will help support delivery of the Council’s
Growth Strategy by strengthening Chesterfield’s competitive
location as a place to do business, securing new business
investment in the borough and supporting the move to a stronger,
more diversified and high value economy offering high quality, high
value jobs to local people.
 

3.  
The Council will have the opportunity to take
advantage of both the capital and revenue funds that EMMCCA will
make available over a 25-year period once positive Business Rates
returns are achieved over an agreed baseline.