Issue - meetings

Report of Head of Strategic Planning and the Economy

Purpose of report

To seek approval of the Business Rates Incentives Scheme which details proposals for awarding business rates incentives to bring back into use empty properties and sustain the vitality and diversity of Banbury and Bicester town centres.

Recommendations

The meeting is recommended:

 1.1        To note the contents of the report.

1.2       To consider any amendments to the proposed draft Business Rates Incentives Scheme and to approve the scheme for adoption.

Resolved

(1)          That the contents of the report be noted.

(2)          That final approval of the Business Rates Incentives Scheme be delegated to the Chief Finance Officer, in consultation with the Lead Member for Financial Management and the Business Support Unit Manager.

The Head of Strategic Planning and the Economy submitted a report which sought approval of the Business Rates Incentives Scheme which detailed proposals for awarding business rates incentives to bring back into use empty properties and sustain the vitality and diversity of Banbury and Bicester town centres.

In presenting the report, the Lead Member for Financial Management explained that the Budget Planning Committee had considered the report at their meeting of 28 February 2017 and had made recommended some amendments to the scheme. The Lead Member for Financial Management confirmed that he and officers agreed with the recommended amendments and therefore final approval of the Policy would be delegated to the Chief Finance Officer in consultation with the Lead Member for Financial Management and the Business Support Unit Manager.

Resolved

(1)          That the contents of the report be noted.

(2)          That final approval of the Business Rates Incentives Scheme be delegated to the Chief Finance Officer, in consultation with the Lead Member for Financial Management and the Business Support Unit Manager.

Reasons

Cherwell District Council is committed to ensuring the town centres for both Banbury and Bicester are supported to retain their economic vitality and diversity. Business rates incentives have a role to play as part of the measures taken by Cherwell District Council to support the economy of each town. Further, business rates incentives more generally can be used to promote economic growth by helping local companies to expand thus securing high quality and high value jobs.

The Budget Planning Committee considered the report at their 28 February 2017 meeting and recommended a number of amendments which will be incorporated in the final version of the Scheme. Consideration will also be given to including Kidlington within the scheme.

Alternative Options

Option 1: Members could choose not to approve the proposed scheme, but Business Rates Incentives have a role to play as part of the measures taken by Cherwell District Council to support the economy of each town.