Aire Valley Leeds earmarked for enterprise zone
Posted by David Baggaley on 16 Jun 2011 | Tagged as: Enterprise Zones, Leeds City Region
Leeds City Region local enterprise partnership (LEP) has chosen the Aire Valley Leeds as its preferred location for an enterprise zone.
Enterprise zones are a Government initiative to encourage private sector growth by allowing LEPs to choose areas that can enjoy benefits such as reduced business rates and simplified planning rules.
It said that after a detailed analysis of each proposal the Aire Valley Leeds was identified as the most productive option.
According to the LEP, the Aire Valley Leeds can deliver a long term funding stream for the LEP to invest in promoting economic growth, a significant increase in economic output and new jobs, and access to job opportunities across a wide geographic area
The recommendation has been also guided by the Government’s requirement that the enterprise zones should be generally based on ‘clean sites’ with little or no business occupants.
The LEP said the Aire Valley Leeds can deliver £550m of additional economic output and over 9,500 new jobs by 2025, which will be accessible to over 630,000 households in the city region.
Neil McLean, chairman of the Leeds City Region LEP board, said: “The opportunity presented by the Aire Valley enterprise zone is extremely good news for the whole city region and seen by the LEP as a positive first step towards fulfilling its ambition to grow and become a world-leading, dynamic economy.
“Bradford city centre is a clear regeneration priority for the city region and has the LEP’s full support. Next steps include examining which funds and financial mechanisms can best support the delivery of major investments that the Bradford city centre needs.
“We are also supporting Selby’s Regional Growth Fund bid to round twb and we have made a commitment to work with Wakefield to broaden the district’s employment base.”
The LEP board said it feels that the opportunity presented by this funding stream is important for the City Region but needs to be seen as part of a wider range of funding options being explored by the LEP board.
It said: “The work already conducted on the other enterprise zone proposals has identified a range of important issues that the LEP will need to give consideration to in developing its plan, to address its longer term priorities and deliver its ambition.”
The plan will be discussed with businesses and LEPs across the country at a national event organised by the Leeds City Region Partnership on September 9.
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