Relocation Discount is primarily designed to support local businesses wishing to grow and invest in the Borough of Boston.
Our economy does not operate in isolation. Competition for investment across the Greater Lincolnshire Local Enterprise Partnership (GLLEP) geography, including more locally across South Holland and South Kesteven, is fierce and the wider UK regions is pressurised.
Business investments or the location or indeed relocation of any business are decisions taken after balancing a wide range of factors, including availability of land and premises, skills, access to markets, transport, infrastructure and broadband as well as operational cost.
Some Boston businesses may have already relocated some or all of their business to other districts, enterprise zones or parts of the UK where greater financial support is available. However, this project is not designed to encourage businesses to migrate from one area to another simply in order to take advantage of NNDR discounting, as such an incentive is at worst anti-competitive and at best unsustainable.
This project is designed to enable Boston Borough Council to compete effectively and on an equal footing with other districts across the region (including those districts where incentivisations are already active) and in the wider UK economy where other factors may disadvantage Boston Borough.
Grant support could be offered to a ‘growth business’ able demonstrate to the satisfaction of what would be a newly formed ‘Growth Board’ that the sum of the grant will facilitate or enable a reciprocal investment by that business which in will create or safeguard jobs.
The ‘Growth Board’ could comprise of members of CMT, including either the Chief Executive or the Deputy Chief Executive.
The project application process has yet to be defined or even agreed, but the basis of the project is that for a “growth” business to qualify for a discount they must be invited to apply to the Growth Board through some form of an initial ‘audit of suitability’ carried out by the Economic Development Manager.
Applications to the Council’s ‘Growth Board’ will be judged on individual merit and on a case-by-case basis. Applicants will need to clearly demonstrate how the grant will be used to grow the business and create jobs as any grant will be upwardly phased and time limited.
A detailed financial and business plan must be provided in all cases. The Council reserves the right to refuse relief to any applicant.
The initiative is designed to support and increase the Small and Medium Enterprises (SMEs) in the local economy and therefore the amount of financial support available to smaller businesses is greater.
As mentioned in paragraph 3.7 the Growth Board will use a scoring mechanism, which would need to be defined and based around the following criteria:
– Jobs created (more jobs higher to score)
– Jobs safeguarded
– Types of Jobs (higher skilled jobs – higher the score)
– Amount of new floor space constructed, not just created
– Amount of floor space occupied (Inward investment activity only, although may want to consider business moving to larger premises/employing more people as a result)
– Credit History
– Credible business plan, etc.