Warwick District Council secures business rates investment deal
Warwick District Council is set to invest up to £90.2m over the next 25 years, as part of its agreement with the West Midlands Combined Authority.
The council recently joined the WMCA as a non-constituent member and has secured a deal to be able to invest £90.2m in funds from business rates generated from the Segro Park and Whitley South sites in local growth initiatives across the district.
Both sites are near the proposed Coventry-Warwick gigafactory, part of the West Midlands Investment Zone which has the potential of attracting £2.5bn in private investment and creating 30,000 jobs by 2034.
The Coventry-Warwick Gigapark at Coventry Airport will be anchored by a new battery gigafactory and associated businesses and technologies. The site will get tax incentives, business rates retention and £23m investment for land remediation, infrastructure and connection to power grids.
A delivery plan for the three sites in the West Midlands Investment Zone was approved in June.
Other sites include:
The Birmingham Knowledge Quarter – running northeast from the Birmingham City and Aston universities through Duddeston and Nechells to Aston. The Quarter will offer tax incentives, business rates retention and receive £9m investment for public realm works and active travel infrastructure to help attract investment
The Wolverhampton Green Innovation Corridor will create new green industries and skills through a partnership between the city council and university with £7m investment for land remediation and key infrastructure
Councillor Ian Davison, Leader of Warwick District Council commented: “The Council has committed substantial resources into making the investment zone a success. An electric battery gigafactory and a surrounding cluster of green manufacturing industries would be a massive help in transitioning the country to a low cost, low carbon economy.
“We must now develop local growth initiatives that maximise benefits for local residents. I am therefore pleased that all the Council’s political group leaders agree with the Memorandum of Understanding (MoU) with partners West Midlands Combined Authority (WMCA), Coventry City Council and Warwickshire County Council (WCC) so that we can move forward with these ambitious and exciting plans.”
