Enterprise Zone to unlock York Central
26 Nov 2015
York Central, a mixed-use redevelopment planned for the city has been designated an Enterprise Zone in the Chancellor's Autumn Statement, one of 26 to be created.
The York Central Enterprise Zone will unlock £100m to develop the site, as the Zone status will mean that 50% of business rates from the site, which would have gone to the government, will be kept in the area.
This joint bidders for the Enterprise Zone have said that this will provide the funding to be able invest in the infrastructure required to unlock the site and encourage business investment.
They have estimated that this could help to create up to 7,000 jobs in the city, including high-value office jobs, and over £1.1 billion value for the region's economy.
Mark Tarry, Route managing director at Network Rail , which supported the bid, said: "By working with City of York Council to have this area of land designated as an Enterprise Zone we hope to unlock the potential of the site, allowing new homes and investment in this key location.
"It has long been the aspiration of Network Rail, CYC and many local residents and businesses to see this under-utilised space developed to support the vibrant economy and to meet the ever-growing demand for homes in the city of York."
Andrew Sharp, head of Business at Make it York, said: " York Central presents a huge opportunity for the city. Receiving Enterprise Zone status for the site is a significant step forward and will provide a real catalyst, helping us to attract more businesses and investment to York."
The York Central Enterprise Zone is one of two new zones announced in Leeds City Region, the other being the M62 Corridor. These join the existing Enterprise Zone in the Aire Valley, which has recently been announced as the home of a new state of the art distribution hub for the John Lewis Partnership.
Minister for Local Growth and the Northern Powerhouse James Wharton, said: “The government is building on the success of the existing 24 Enterprise Zones which by the end of last year alone had attracted 19,000 jobs. This new round of Enterprise Zones – which includes seven new zones in the Northern Powerhouse - will mean even more areas and businesses will be able to benefit from the support they bring.”