St Helens Council approve Investment Fund for Parkside Freeport
At its meeting on Wednesday, the council’s cabinet approved the establishment of the launch of the fund for 2024, once construction contracts are in place for the Parkside West development.
This follows the principles in the Retained Rates Strategy for the Freeport by Liverpool City Region to ringfence the collectable rates for the fund, according to a report to cabinet.
READ > Fresh look nightclub set to open to help 'bring life back into town centre'[1]
What is Parkside?
Parkside is planned to bring more than 1,000 jobs in construction (Image: St Helens Council)Parkside Regeneration, a venture between St Helens Borough Council and developer Langtree, is a project to transform a former colliery in Newton-le-Willows into the largest 'Freeport' sites in the Liverpool City Region.
With Freeports benefitting from tax and customs incentives, the Parkside site aims to attract a range of logistics and manufacturing firms to strengthen the region's position as an attractive location for global trade.
At Parkside, the first phase of development will see three units constructed across 1million square feet, and is expected to generate more than 1,300 jobs. A second phase of development is expected to follow.
Outline planning consent for the project was granted in November 2021 following a public inquiry, while a reserved matters planning application is currently in process to outline further details of the project[2].
How will the Investment Fund be used?
he site is expected to attract high end logistics and manufacturing firms (Image: St Helens Council)The Investment Fund will focus on how business rates will be used to support the project going forward as well as using capital funding set aside for the project in reserves to help get the site ready for the first phase to be completed.
One of three tax sites across the Liverpool City Region Freeport project, Parkside must have an investment fund as outlined in the agreement by central Government. As part of Freeport status, the council will be able to keep all business rates from the site, which must be ringfenced for specific revenue and capital projects.
Future targets for investment initially include investment in infrastructure projects including providing power for industries taking up plots on the Parkside West site and additional highway improvements to compliment the work already happening on site with the Parkside Link Road.
Investment Fund 'critical' to development
Councillors and developers at the Parkside site (Image: St Helens Council)Councillor Martin Bond, Cabinet Member for Corporate Services, said: “The Parkside Freeport Investment fund is a critical part of the development of Parkside and is one that is necessary to help it reach its full potential.
"The Freeport status of Parkside unlocks so much more potential and the reinvestment of the business rates received on this site, which will be 100 per cent in the case of Parkside, will enable us to support wider regeneration, growing the jobs market for residents and supporting the local supply chain opportunities that a venture such as this will bring.
"All future spending decisions will be brought back to council for approval to make sure that the fund is being used in an appropriate way.
Councillor Richard McCauley, Cabinet Member for Regeneration and Planning, added: “Following on from the formal acceptance of Freeport status this Parkside Freeport Investment Fund is a way for us to show our commitment to this development which will have a huge positive impact for not just our borough but the region as a whole.
"The fund will help to further enhance the work we have already been doing with our city region partners to build the infrastructure that will support growth and protect the communities surrounding the site with investment in highways to reduce the impact on local roads.”
References
- ^ READ > Fresh look nightclub set to open to help 'bring life back into town centre' (www.sthelensstar.co.uk)
- ^ while a reserved matters planning application is currently in process to outline further details of the project (www.sthelensstar.co.uk)