Decision

(1)     that Cabinet approve the geographical boundary of the Sandwell Levelling Up Zone as shown on the Sandwell Levelling Up Zone Map at Appendix 1;

(2)     that Cabinet approve the boundary of the Growth Zone as shown on the Sandwell Levelling Up Zone Map at Appendix 1, which subject to Government compliance checks and enactment of secondary legislation, will allow the council to retain business rates generated within the Zone over a 25-year period above a baseline figure;

(3)     that delegated authority be given to the Section 151 Officer in consultation with Assistant Director - Spatial Planning and Growth and the Cabinet Member Regeneration & WMCA to undertake the necessary actions required by Government for Growth Zone business rates to be retained with a start date 1 April 2024;

(4)     that delegated authority be given to the Assistant Director – Spatial Planning and Growth, Assistant Director - Legal and Assurance and the Section 151 Officer in consultation with the Cabinet Member Regeneration & WMCA to undertake the necessary legal, policy and procedural actions to establish, manage and monitor the Levelling Up Zone;

(5)     that Cabinet approve the use of Regeneration Reserves to fund the establishment, management, and monitoring of the Levelling Up Zone up to a value of £300,000 over a period of up to three years. Following this period, the effectiveness of the Levelling Up Zone will be reviewed including the amount of receipts from business rate uplift that have been realised;

(6)     that Cabinet approve that first consideration is given to the use of retained business rates generated in the Growth Zone to fund the costs associated with the establishment, management, and monitoring of the Levelling Up Zone over its lifetime.