Parts of County Durham could form an Investment Zone if proposals from Durham County Council are successful.
The authority has submitted a bid to make NETPark in Sedgefield and Aykley Heads in Durham City part of the Government scheme, which includes tax incentives on premises, National Insurance contributions relief, enhanced capital allowances on the purchasing of equipment as well as stamp duty relief.
Ministers will now consider the bid and a decision is expected later this year on which areas the Government would like to progress to the next stage of development. Successful schemes will need to demonstrate that Investment Zone status would drive development on undeveloped land.
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Coun Amanda Hopgood, leader of Durham County Council, said: "Both NETPark and Aykley Heads have a clear focus on high value jobs and innovation. Investment Zone status could help to secure private investment and supply chain opportunities for other businesses in the county. Should the proposals get approval this would see a huge boost to our county’s economy, helping businesses to accelerate growth quicker and take on more staff."
NETPark is home to a number of the North East's most innovative science and technology businesses - including the likes of PragmatIC, Kromek and Dyman. The site is currently home to more than 30 companies providing over 550 highly skilled jobs. Phase three of the site will see government support alongside investment from the council and the North East Local Enterprise Partnership.
Meanwhile, Aykley Heads, which is home to companies including Atom Bank and Waterstons, is managed by the council's business support service, Business Durham. Proposed expansion would provide up to 400,000 sqft of floorspace across two initial phases that could constitute 19 buildings.
Durham County Council said the Investment Zone submissions follow Levelling Up bids lodged in the summer and including proposals to unlock future phases of logistics park Integra 61 and the recent planning permission for phase two of Jade Business Park.
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