Issue - meetings
Freeport - Business Rate Process
Meeting: 15/02/2022 - Cabinet (Item 90)
90 East Midlands Freeport Update
Report of the Chief Executive
Presented by the Deputy Leader and Portfolio Holder for Infrastructure
- Restricted enclosure 3 , View reasons restricted (90/2)
- Restricted enclosure 4 , View reasons restricted (90/3)
The Deputy Leader and Portfolio Holder for Infrastructure presented the report.
It was moved by Councillor R Ashman, seconded by Councillor Bayliss and
1. The work of the Freeport Board be noted and endorsed by Cabinet.
2. The full draft business case as set out in the report and attached appendix, recognising that further work needs to be done regarding the corporate structure of the Freeport and financial implications, including in relation to business rates, be supported in principle by Cabinet.
3. Subject to 2 above, authority be delegated to the Chief Executive in consultation with the Portfolio Holder, to sign off support in principle to the final full business case for submission to Government.
4. It be noted that no decision is requested from Cabinet in relation to the inclusion of the Emagic site in the final business case, as this site is subject to consideration as part of the statutory planning processes.
5. The process in respect of retained business rates growth that would be instigated should the Freeport designation be made by Government be noted.
Reason for decision: To update Cabinet on the work to date on the Freeport, to seek ongoing support in principle to the project and the submission of the FBC and note that further work needs to be done and decisions made on the financial and legal implications arising, including in relation to the documents required for the creation of the incorporated association.