£10m funding agreed to help build new enterprise zone

A funding package of nearly £10m has been approved to develop an enterprise zone on the edge of Bradford.

According to the Telegraph & Argus paper, West Yorkshire Combined Authority has agreed to provide £9.877m of funding to start the scheme in Gain Lane, Thornbury.

It will see the creation of 29,404 sq m of industrial space and should bring 550 jobs to the area, with work expected to begin in the next few weeks.

The rest of the cost of the development, which is part of phase two of a programme of enterprise zones in Leeds City Region, will be provided by private investment.

The Gain Lane site is one of 10 enterprise zones planned for across West Yorkshire. A further three are planned in Bradford – one at Parry Lane and another at Staithgate Lane.

Outline planning approval to build at Gain Lane was given late last year.

West Yorkshire Combined Authority has explained: “The second phase [of the Enterprise Zones programme] aims to promote advanced manufacturing growth, building on the region’s strong manufacturing heritage.

“The key focus and vision for the Enterprise Zones, as set out in the Leeds City Region Strategic Economic Plan, is ‘the acceleration of development and delivery of high quality employment floorspace in the advanced and innovative manufacturing and complementary sectors’.

“Companies locating within the Enterprise Zone will benefit from a wide range of incentives, including – depending on which Enterprise Zone site – reduced business rates (worth up to £275,000 over a five-year period), or enhanced capital allowance tax relief of qualifying plant and machinery.”

 

 

 

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