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(1)     that Cabinet approve the geographical boundary of the Sandwell
Levelling Up Zone as shown on the Sandwell Levelling Up Zone Map at
Appendix 1;
 
(2)     that Cabinet approve the boundary of the Growth Zone as shown on
the Sandwell Levelling Up Zone Map at Appendix 1, which subject to
Government compliance checks and enactment of secondary
legislation, will allow the council to retain business rates
generated within the Zone over a 25-year period above a baseline
figure;
 
(3)     that delegated authority be
given to the Section 151 Officer in consultation with Assistant
Director - Spatial Planning and Growth and the Cabinet Member
Regeneration & WMCA to undertake the necessary actions required
by Government for Growth Zone business rates to be retained with a
start date 1 April 2024;
 
(4)     that delegated authority be
given to the Assistant Director – Spatial Planning and
Growth, Assistant Director - Legal and Assurance and the Section
151 Officer in consultation with the Cabinet Member Regeneration
& WMCA to undertake the necessary legal, policy and procedural
actions to establish, manage and monitor the Levelling Up
Zone;
 
(5)     that Cabinet approve the use of Regeneration Reserves to fund the
establishment, management, and monitoring of the Levelling Up Zone
up to a value of £300,000 over a period of up to three years.
Following this period, the effectiveness of the Levelling Up Zone
will be reviewed including the amount of
receipts from business rate uplift that have been realised;
 
(6)     that Cabinet approve that first consideration is given to the use
of retained business rates generated in the Growth Zone to fund the
costs associated with the establishment, management, and monitoring
of the Levelling Up Zone over its lifetime.