Purpose

To approve the expenditure of the retained
business rates from the Hereford Enterprise Zone, to deliver a
county wide business growth, skills and inward investment
programme

Decision

a)   
To approve the expenditure of up to
£1.4 million of retained business rates from the Hereford
Enterprise Zone (held in the Enterprise Zone
Business Rates Growth Reserve) to implement a county wide
economic development programme to enable growth.
b)   
To delegate to the Director for Growth
all operational decisions related to the implementation of the
programme, including the commitment of expenditure from the
approved funds.
 

Alternative options considered

1.    
To not approve the expenditure of the retained
business rates – the funds would remain in a council reserve
and not benefit the growth of the local economy. This option is not
recommended.
2.      
To focus the funding on further investment on the Hereford
Enterprise Zone only – the Enterprise Zone has benefitted
from significant council and public investment, successfully
supporting the growth of Hereford.  If
only targeted at the Enterprise Zone the retained funds cannot be
utilised to support the economic development of all of the county, as per the government intention
and original council decision to form the Enterprise
Zone.  This option is not
recommended.