Issue - meetings

RESOLVED that 1) the EMIZ proposals be supported on behalf of the Council, 

2) delegated authority be granted to the Council’s Chief Executive Officer to accept and nominate officers to represent the Council on the proposed Development Board and nominate officers to represent the Council in any part of the interim or eventual governance structure for the EMIZ as appropriate and when offered,

3) to allocate £20,000 from the Transformation Reserve for business case developmentand other related costs. 

Executive considered a detailed report, presented by the Portfolio Holder for Growth, which provided an update on the proposals for the East Midlands Investment Zone (EMIZ), the emerging investment plan and next steps, including the Council’s future role in the EMIZ.

The report also sought Members endorsement for the EMIZ proposals and approval for the Council to participate in the East Midlands Investment Zone Development Board.

The Chancellor’s Autumn Statement published in November 2023, announced an Investment Zone for the East Midlands (EMIZ). The purpose of the Investment Zone was to boost productivity across green industries and advanced manufacturing sectors in the East Midlands with the support of £160 million funding from Government over a period of ten years.

The EMIZ covered the whole of Derbyshire and Nottinghamshire, i.e., the Investment Zone covered the same area as D2N2 and East Midlands Mayoral Combined County Authority (EMMCCA). The newly established EMMCCA would be the accountable body for the EMIZ and following the election of a Mayor, it was expected that the Investment Zone would help to leverage over £380 million in private investment and bring upwards of 4,000 jobs to the region.

The EMIZ proposals progressed alongside the creation of an Investment Zone policy that would set the criteria for approval of future financial incentives for development proposals and expenditure of the balance of the Government funding. An indicative Investment Plan had also been drafted. The Investment Zone policy would go live in April 2024, but the operational launch of the East Midlands Investment Zone was subject to completion of the final Gateway stages of the EMIZ process.

The report also recommended that Members consider allocating a budget for business case development for projects and programmes with partners that aligned with the EMIZ proposals and emerging Investment Zone policy to ensure that the Council was best placed to maximise the opportunities that would arise from the future allocation of flexible funding, which may amount to as much as £120 million over the next ten years.

Members welcomed the report.

Moved by Councillor John Ritchie and seconded by Councillor Duncan McGregor

RESOLVED that: 1) Executive confirm its support for the EMIZ proposals on behalf of the Council,

2)    delegated authority be granted to the Council’s Chief Executive Officer to accept and nominate officers to represent the Council on the proposed Development Board and nominate officers to represent the Council in any part of the interim or eventual governance structure for the EMIZ as appropriate and when offered,

3)    £20,000 be allocated from the Transformation reserve for business case development and other related costs.

Reasons for Recommendation

This report outlines the potential benefits to the District arising from the current EMIZ proposals, which will bring £160 million of Government funding into the region that is expected to drive an increase in productivity through the creation of higher skilled, higher paid jobs at two large employment sites within the local area with an associated rise in living standards and improved quality of life for  ...  view the full minutes text for item 92