Thursday, June 2, 2011

News: Rotherham to benefit from Enterprise Zone status


The Advanced Manufacturing Park in Rotherham is set to benefit from Enterprise Zone status after being named as one of a series of key sites in the proposal announced by the Sheffield City Region Local Enterprise Partnership (LEP).

The park already has a global reputation in advanced manufacturing, attracting big names such as Boeing and Rolls-Royce. It is now set to benefit from simplified planning rules and tax breaks for businesses. One of the main benefits that the zones will offer is a business rate discount worth up to £275,000 per eligible business over a five year period.

Companies within the zone could also take advantage of enhanced capital allowances (instead of business rate discounts) for plant and machinery.

The Sheffield City Region Enterprise Zone will be based on a series of key sites that will focus growth within the advanced engineering and technology sectors.

The fundamental concept will be a coherent spatial zone, made up of a core offer and connected by strategic links comprising:

- A core technology, innovation and manufacturing zone based around the existing Advanced Manufacturing Park at Waverley and Sheffield Business Park located close to M1, Junction 34.
- Additional manufacturing and services land, currently being developed at Markham Vale, located at M1 Junction 29a.
- Sites in the west of the Dearne Valley in Barnsley at M1, Junction 36, close to existing eco-vision developments.

James Newman, Chairman of the LEP, said: "Right from the outset, the LEP has made clear its commitment to ensuring we harness the massive potential for growth that the creation of an Enterprise Zone presents.

"All seven proposals, which were submitted to the LEP Board, tabled a strong case and all demonstrated a clear ambition to capitalise on those proposals.

"The LEP Board has agreed to the development of a Zone that will be led by growth in the city region's key sectors, linked by Advanced Engineering and Technology. This will maximise the benefits across the City Region and will support the Partnership's long-term vision for the economy of the City Region as well as UK plc."

The final package of sites that will make up the Enterprise Zone is now subject to further detailed discussion by the LEP Board, alongside its local authority partners, landowners and the Government over the next few weeks.

James added: "We still have a little further to go in finalising the exact details of our Enterprise Zone submission and the final proposal will be based on further assessment of its deliverability and of market demand."

In a boost for the whole city region, it is expected that all business rates growth within the zone for a period of at least 25 years will be retained by the local area, to support the Partnership's economic priorities and ensure that Enterprise Zone growth is reinvested locally.

Proposals for a Zone, known as the "Advanced Engineering and Technology Growth spine", will be finalised shortly and the LEP Board will then submit its proposal for an Enterprise Zone to Government for approval.

The Enterprise Zones will commence from April 2012.

Advanced Manufacturing Park website
Sheffield City Region website



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