Decision details

The Portfolio Holder for Corporate Resources submitted that the Government had advertised a pilot scheme for authorities to pool business rates and have 100% retention of such rates.  Final details had not been received but the current arrangement was for 50% retention. 

The local pooled group would be all District councils in Devon together with Devon County Council, Torbay and Plymouth Councils and the Fire Authority.  If the pilot were successful Teignbridge might receive an additional £550K (approx.) and as a safety net Teignbridge would not have any less than it already currently receives.

The item had been taken as an urgent item because the initial proposal had to go back to Government by 27 October – the recommendation was for Teignbridge to confirm it wished to take part in such a pilot scheme and to advise what the funds would be spent on.  Additional income had to be reinvested in economic regeneration and for Teignbridge it would be used towards the regeneration project of Newton Abbot Town Centre.  The County Council were looking to use funds across the County and if elements of their contributions were used towards transport infrastructure this would also be beneficial as it was preferential to demonstrate how the uses of the funds would link together.

In all there were 21 areas bidding for the scheme.

The proposal was for one year – 2018/19, with the County looking to have it extended by another year.  It was thought that this could be a precursor to funding arrangements post 2020 when grant funding from Government would cease.  

Resolved

That Teignbridge District Council confirms it wishes to be part of the Devon Business Rates Pilot Scheme and would use its portion of funding towards the regeneration of Newton Abbot Town Centre.