Issue - meetings

The report of the Director – Finance and Corporate Services is attached.

It was RESOLVED that:

a)               the Council’s East Midlands Freeport Business Rates Relief Policy at Appendix A to the report be approved; and

b)               the Director of Finance and Corporate Services be delegated authority to either finalise any changes or make future amendments to the Policy, particularly if there are no changes in legislation, in consultation with the Finance Portfolio Holder.

The Cabinet Portfolio Holder for Finance, Transformation and Governance, Councillor Virdi presented the report of the Director – Finance and Corporate Services, which detailed the Freeport Business Rates Relief Policy.

Councillor Virdi stated that the Freeport provided a great opportunity for the Borough in respect of economic growth and job creation and it was noted that councils could authorise 100% discretionary rate relief, providing businesses met the criteria as per the Policy, which was detailed in Appendix A to the report.  To ensure consistency, this Policy had been agreed by the three councils concerned, Rushcliffe, North-West Leicestershire and South Derbyshire.  Councillor Virdi referred to the hard work undertaken by officers to ensure that any risks associated with Subsidy Control were mitigated and reduced in relation to the Borough’s exposure of breaching such measures, with details highlighted in paragraphs 4.4 to 4.8 of the report.    

Councillor Virdi referred to paragraphs 4.9 to 4.12 of the report, which detailed the eligibility principles, and in particular he referred to the five year extension to the deadline to claim Business Rates Relief up to 29 September 2036. 

In seconding the recommendation, the Leader, Councillor Clarke reiterated that the Freeport was supporting local businesses and economic growth in the Borough, which was absolutely vital and he welcomed this process.

It was RESOLVED that:

a)               the Council’s East Midlands Freeport Business Rates Relief Policy at Appendix A to the report be approved; and

b)               the Director of Finance and Corporate Services be delegated authority to either finalise any changes or make future amendments to the Policy (particularly if there are no changes in legislation) in consultation with the Finance Portfolio Holder.