Decision Maker: Officer Decision
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Sproughton Enterprise Park is one of ten sites throughout Norfolk and Suffolk that comprise New Anglia, Space to Innovate Enterprise Zone.
Ipswich Borough Council owns the Sproughton site but it is located within the Babergh District Council (BDC) area.
The policy of UK Government states that all growth in business rates generated from Enterprise Zones (EZ) should be retained by the Local Enterprise Partnerships (New Anglia) to support economic priorities. In New Anglia, BDC as the collecting authority retains the rates that are then shared between New Anglia, BDC and Suffolk County Council. A proportion of this – known as ‘Fund B’ - is ring-fenced to accelerate the development of the EZ.
IBC & BDC have agreed that Fund B shall be transferred to IBC to be used (by IBC) for appropriate activities on the site (in accordance with relevant EZ Agreements). The ‘rules’ around this Pot B funding will be as set out within the attached draft Memorandum of Understanding (Appendix 1).
Prior to making this decision – and in accordance with the constitution - the Finance Portfolio Holder and the Head of Finance and Revenues have been consulted. Bothe have confirmed their support – as has the Leader of the Council.
To enter into a Memorandum of Understanding (MOU) (see Appendix 1 for a draft of the MOU) between Ipswich Borough Council and Babergh District Council for the transfer of Fund B monies (from Babergh District Council to Ipswich Borough Council) for the development of the Sproughton Enterprise Park.
Reason: To enable qualifying investment by IBC in the development of the Enterprise Park to be funded (or reimbursed if already spent) using Fund B monies.
Publication date: 12/07/2018
Date of decision: 06/07/2018