Decision details

To agree that Surrey County Council is content for Enterprise M3 to submit the Implementation Plan for the Enterprise Zone to Government.

To note progress on work with Runnymede Borough Council on agreeing the local place making initiatives for the Longcross site that are to be funded from the portion of retained business rates allocated to local authorities.

RESOLVED:

Cabinet approved Surrey County Council’s agreement that Enterprise M3 should submit the Implementation Plan (included in the Part 2 Annex) to Government.

Reasons for Decision

The M3 EZ is a major opportunity to support economic growth on one of the largest available sites for commercial development in Surrey and to secure additional investment in the area. Over 25 years the further detailed work for the Implementation Plan suggests that the EZ could deliver about 130 new businesses, over 10,000 new jobs and generate an additional £230 million in retained business rates. For the Longcross site there could be 32 new businesses, 4100 new jobs and 90,000 sqm of new floor space with the development generating over £140 million in additional business rate income over the full 25 year period.

Successful implementation of the EZ requires support from all the relevant local authorities. Agreement between SCC and Runnymede about the infrastructure and other interventions that are needed to maximise development on the Longcross site will ensure that the package of measures is well targeted.

[The decision on this item may be called in by either the Economic Prosperity, Environment and Highways Board or the Council Overview Board]