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Enterprise Zone Masterplan

 

Funding sought for 1st stage delivery of Enterprise Zone Masterplan

 

The Vision: “To make Blackpool Airport Enterprise Zone a premier business location in the North West.”

Blackpool Council are looking to secure funding to implement the first delivery stage of the approved Masterplan for Blackpool Airport Enterprise Zone.

 

 

 

 

 

 

 

 

As the accountable body to drive forward this ambitious scheme on behalf of Lancashire LEP (Local Enterprise Partnership) and Fylde Council, Blackpool Council will present the report on 18th June 2018 to the Blackpool Executive Committee, to seek approval to an initial three year allocation of capital funding of £28.8m to deliver essential infrastructure and associated vital support for the Enterprise Zone Masterplan. The council will use their ability to borrow at preferential rates.

A positive decision on the funding will be key to the future success of the Enterprise Zone and is essential to help secure early investment in the site, kick start development, build momentum and reinforce market confidence.

The Masterplan, approved in February 2018, sets out the full potential of the 25 year lifespan of Blackpool Airport’s Enterprise Zone status which will utilise growth and business rates to deliver:

  • 270,000 sq m new floorspace
  • An estimated 5,000 new jobs
  • £300m private sector investment
  • Over 280 new businesses on site
  • Up to £2 billion of GVA (gross value added) to the local economy over the 25 year lifespan

Blackpool Council’s commitment to the scheme is to seek prudential borrowing against future growth in business rates in order to ensure the benefits of new jobs and investment for the Fylde Coast’s economic future.

The Masterplan is broken down into three broad phases of infrastructure activity which will open up development plots that will help realise the potential of the Enterprise Zone. The funding sought on the 18thJune is for the implementation of Phase 1 (the first three years of delivery) which will seek to achieve as much revenue as possible in the early years.