Greater Lincolnshire LEP has placed a bid to make Lincoln Science and Innovation Park an enterprise zone. This is one of three bids that have been applied for in Greater Lincolnshire.
Enterprise zones bring benefits to businesses including lower taxes, access to superfast broadband and streamlined planning permission to boost infrastructure improvements.
It would provide the infrastructure and commercial incentives needed to deliver the first science and innovation park in the region and will focus on the key growth sectors in manufacturing, advanced engineering and food manufacturing.
The £50 million Lincoln Science and Innovation Park has already completed the first phase and the second phase is underway. It is 11 acres, which is the result of a partnership between the University of Lincoln and Lincolnshire Co-op and includes the Joseph Banks Laboratories.
In addition to Lincoln Science and Innovation Park, Greater Lincolnshire Local Enterprise Partnership (LEP) has also placed a bid for Europarc in Grimsby and North East Lincolnshire Council has placed a third for South Humber Industrial Infrastructure Programme (SHIIP).
The final decision on whether any of these bids are successful will be confirmed on November 25.
John Latham, Director of Development and Environmental Services at City of Lincoln Council, said: “The city council welcomes the proposal for Lincoln Science and Innovation Park to be declared an enterprise zone and sees this as a genuine opportunity to encourage this important development.
“Through the incentives available for enterprise zones, this initiative will help to accelerate the development of the site but also help to promote Lincoln as a place growing businesses will want to be, with the inevitable benefits for the wider economy.
“The council will continue to work closely with Greater Lincolnshire LEP and Lincoln Science and Innovation Park to make this a success.”
Ruth Carver, Director of the Greater Lincolnshire LEP, said: “Enterprise zones are vital for the accelerated jobs growth we wish to see in Greater Lincolnshire.
“We have submitted two bids: one to support the food industry in Northern Lincolnshire and one to create a Lincoln Innovation & Enterprise Zone which will focus on the key growth sectors in manufacturing, advanced engineering and food manufacturing.
“Enterprise zones are a critical part of the strategic vision and planning required to deliver new employment sites throughout the region, accelerating business productivity and skilled employment for our priority growth sectors.”
For the latest dispatch of business news from across Lincolnshire delivered in your inbox every Friday, subscribe to the Lincolnshire Business magazine.