To consider any Part I business accepted by the Chair as urgent.
Decision:
Investment Zones
The Leader referred to the Government’s recent announcement to create a series of Investment Zones across the country. The timescale was very tight, as Government guidance was issued on 2 October 2022, with a deadline for expressions of interest of 14 October 2022. It would be for Upper Tier authorities (ie, Hertfordshire County Council - HCC) to consider the submission of expressions of interest.
The Leader referred to the great opportunities for Stevenage to expand its thriving STEM city/life sciences sector (which had already created additional apprenticeships, training and jobs in the town), as well as continued support for the Town Centre Regeneration programme.
The Leader commented that the Investment Zone prospectus was high level, and that further detail would be required in the future. However, she referred to two dimensions that SBC wished to drive to inform the approach for Stevenage, namely:
· Funding – the opportunity for more Stevenage-raised Business Rates, to be re-invested in the town, was welcomed (with the caveat that the gains were not used to shore up or be in lieu of other public sector finances); and
· Planning liberalisation – this aspect needed further detail, in terms of the rules that would be invoked. Although there could be a loosening of Planning rules, she was not convinced that this would be required in Stevenage, as the Council already had a set of clear policies that ensured that the town benefited from sustainable growth and employment.
The Strategic Director (TP) advised that the response/expression of interest to the Government was being co-ordinated by HCC, supported by the Hertfordshire Local Enterprise Partnership (LEP). He outlined some key points of the Government’s policy as follows:
· it was unclear if the Government had a cap on the number of Investment Zones (IZs) nationally. However, the Government was looking for a spread of sites across the country (some mixed, some commercial, and some residential); and
· the known incentives on offer including 100% relief on Business Rates for new businesses in IZs for 25 years; enhanced capital allowances for businesses (National Insurance, Stamp Duty etc.).
The Strategic Director (TP) added that the IZ bid had to be supported by landowner and relevant Borough/District Councils, and had to quite specific (sites rather than broader zones).
The Strategic Director (TP) explained that, across Hertfordshire, HCC and the LEP had been looking for Borough/District Council to respond with sites they would wish to recommend for an expression of interest. For Stevenage, work had involved looking at the GlaxoSmithKline site, sites around the Gunnels Wood Road area, and the Station Gateway area.
In terms of Planning liberalisation, the Strategic Director (TP) advised that the implications were quite vague. The use of Local Development Orders was mentioned, as was the ability of local authorities to opt in or opt out of liberalised Planning arrangements.
The Strategic Director (TP) stated that there would be continued discussions amongst Hertfordshire Council Leaders, with the intention for HCC to submit an expression of interest with a strong focus on life sciences and with Stevenage to be a focal point within the submission. It would be made clear in the expression of interest that there were elements relating to Business Rates and Planning that would need to be explored in more detail before a firm commitment could be made, and that the matter would be reviewed at the next stage.