SUFFOLK COASTAL DISTRICT COUNCIL of Council Offices, Xxxxxx Xxxx, Xxxxxxxxxx, Xxxxxxx, XX00 0XX (together with any body appointed by statute to succeed to its function as planning authority for the Suffolk Coastal area) (the “Council")
SUFFOLK COASTAL DISTRICT COUNCIL. (8) Suffolk County Council (SCC) The members of the Suffolk Pool, 2017-2018 Introduction and Purpose The Suffolk pool is established from April 2013 under the business rates retention scheme. Central government allows authorities to ‘pool’ and retain a higher level of growth of business rates than if each authority acts individually. In July 2014 CLG issued a revised pooling prospectus for 2015/16 which should be read in conjunction with this agreement. Suffolk intends to use additional resources made available through growth in the business rates yield to benefit the wider communities within Suffolk led by the Suffolk Leaders’ group vision for a “Better Suffolk”, be it countywide or in more specific locations to: • support infrastructure development; • encourage further business development; • facilitate additional housing; and / or, • supplement resources from the LEP for previously identified projects and aspirations to bring them to fruition more quickly. The development of this proposal is based on the premise that: • each of the districts would retain more of the benefit of growth associated with its area; • it will provide resources for any drop in business rate income beyond the safety net; • Suffolk County Council will retain some of the benefit of growth across Suffolk; and • it will create a pool of money, derived from a reduction in the monies to be paid to Government for growth, for Suffolk Leaders’ to determine how that might be best spent across Suffolk in accordance with an economic development strategy and criteria to be agreed over the coming year and an approved project list for Suffolk (to be agreed).
