Thursday, April 13, 2017

News: Business rates incentive for inward investor

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Rotherham Council is offering a business rates discount to a potential inward investor that could move into the borough and create 1,000 new jobs.

The company is looking at a number of locations for its operation and Rotherham is down to the final few.

The Council's cabinet and commissioners were recently asked to approve a financial incentive as part of the authority's attempts to ensure that the firm chooses Rotherham.

The paper was discussed in private on commercial confidentiality grounds but the decision makers approved the offer of a six month relief from business rates payments in the second year of occupancy, subject to the creation of 50 full time equivalent (FTE) posts in year one.

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Few details have been disclosed but Rothbiz understands that the new potential investor to the borough has projected that the number of jobs to be created would be between 200 - 500 in 2017 and 1,000 in the next five years.

There is competition with other areas hoping to secure the investment and jobs, the unnamed investor has also received an offer of rates relief from the Leeds City Region.

The application relates to Wath and Hoober wards in Rotherham which includes the established business location of Manvers.

RiDO, the regeneration arm of Rotherham Council offers a dedicated account manager to potential inward investors who acts as a central coordinator for all partner organisations and provides market research, property options, skills, recruitment and training advice.

A similar financial incentive was used by the local authority to help a local employer stay in the borough. In 2013, bosses at KP Snacks and Intersnack UK put forward firm proposals to make an investment in a new facility in Rotherham. Moving from Eastwood to Hellaby, the Council approved a package to cover a limited total of £161,290 of KP's business rates for three years.

RiDO also assisted KP with a Regional Growth Fund (RGF) bid to the Sheffield City Region Local Enterprise Partnership fund and they were successful in securing £1.5m for the project.

Images: CPP


1 comments:

Cllr. Nigel Simpson,  April 14, 2017 at 9:08 PM  

I said this 2 years ago... Better the whole of deprived areas of Rotherham have aggressive pro business incentives

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