Cabinet considered the strategic director’s report that sought approval for the business rate discount scheme for the Science Vale UK enterprise zone. The aim was to stimulate economic growth by encouraging new businesses into Milton Park and Harwell Oxford business parks.
Cabinet noted there would be a two-stage process. First, an in principle decision would be taken to allow the business parks to confidently offer the benefit to potential applicants. Second, there would be a financial assessment to see whether the new business complied with the state aid de minimis regulations. Cabinet supported the proposed scheme.
RESOLVED: To
(a) approve the business rate discount scheme as attached at appendix one to the report, and
(b) authorise the strategic director with responsibility for Science Vale to determine whether businesses are eligible for a business rate discount under the scheme.