Tax relief incentives are being offered to businesses to locate to two key employment sites in a Lincolnshire district. Conservative-led West Lindsey District Council has launched the incentive to unlock private sector investment into the district.
For a time limited period only, the council is offering new or expanding businesses the opportunity to apply for up to 100 per cent discretionary business rate relief.
Cllr. Jeff Summers (Conservative, Waddingham & Spital), Leader of the Council, welcomed the news, saying:
“West Lindsey needs to position itself to compete effectively with other areas in order to secure business investment and support economic growth and job creation in the district.
“We recognise that business rates are a significant cost to businesses and that discounting is a tool the council can employ pro-actively, in order to stimulate investment in land and premises.”
Cllr, Sheila Bibb (Conservative, Gainsborough North), Chairman of the Prosperous Communities Committee at the district council explained that the new scheme will not support developments conducive of displacement, where existing businesses would move to new buildings in order to benefit from the business rate relief, but without creating new jobs and leaving vacant premises behind. She said:
“This offer will help us create a thriving business environment, to support sustainable communities and quality employment. However, we would like to promote genuine inward investment and business growth, creating new jobs (not displaced from elsewhere in the district) and investment in new or improved commercial floor space.”
Businesses are being invited to locate within two of West Lindsey’s strategic employment sites to benefit from this offer.
1. Central Lincolnshire Food Enterprise Zone (Hemswell Cliff)
- 28 acres of new employment land to support the growth of the regional food and farming supply chain along the A15 corridor. The site is located with easy access to A15, M180, A1 and M1.
- Work with the Greater Lincolnshire Local Enterprise Partnership, the University of Lincoln and Bishop Burton Agricultural College is ongoing to establish connectivity and synergies with the other two Greater Lincolnshire FEZs in Holbeach (South Lincolnshire) and Grimsby (Europarc III).
2. Somerby Park (Gainsborough)
- 20 acres of serviced employment land at the edge of town location with direct access to A631, linking to the A1/A15 and motorway network.
- Gainsborough is the focus of a major growth and investment programme, which will see 4,435 homes developed by 2036, together with commercial development and job creation.
- Somerby Park Enterprise Initiative is part of this programme, led by West Lindsey District Council.
To be considered for rate relief under this scheme any applicant must either be:
- A new business starting up
- A business relocating to the area from outside of West Lindsey district
- An existing business with genuine growth proposals
To be eligible for the Business Rate Relief Scheme for Growth, proposals must lead to:
- The creation of new jobs outputs; and
- The creation and/or occupation of new or improved floor space
Further details on the Rate Relief Scheme visit: www.west-lindsey.gov.uk/RateReliefPolicy/
To find out more about the fund contact the growth team on 01427 676 635 or email email@example.com