Issue - meetings

This report sets out a revised business rate discount policy for approval.  The updated policy includes a fourth ambition that seeks to reinvigorate the ‘high street’ in geographical areas that have a high commercial property vacancy rate.        

This non key decision item was added to the Forward Plan on 16 July 2014.  The decision has been brought forward in light of the volume of business likely to be undertaken at forthcoming Cabinet meetings and to allow earlier implementation of the proposed incentives to re-occupy commercial premises.

Resolved:           That Cabinet approve the revised business rate discount policy attached at Annex A and the first Business Development District (Acomb) as set out at Option 1, paragraph 9, of the report. ^1.

Reason:              To provide more proactive help in reinvigorating the high street, supporting jobs and growing the city’s overall economy. 

Members considered a report which set out details of a revised business rate discount policy which included an additional ambition to reinvigorate the ‘high street’ in geographical areas that had a high commercial property vacancy rate.

The revised policy would provide immediate awards for relief to properties that became vacant, rather than after a 12 month qualifying period. Details of the full qualifying criteria that businesses would be required to meet were set out in the report and at Annex A.

It was noted that the Acomb area had been identified as having the highest rate of long term unoccupied commercial property and this area was recommended as the first Business Development District to pilot the new ambition. The financial cost of funding the scheme would be in the region of £45k pa gross.

Members referred to this positive step which would address issues raised by residents in the recent Community Conversation meeting held in the Westfield area.

Resolved:           That Cabinet approve the revised business rate discount policy attached at Annex A and the first Business Development District (Acomb) as set out at Option 1, paragraph 9, of the report. ^1.

Reason:              To provide more proactive help in reinvigorating the high street, supporting jobs and growing the city’s overall economy.