Companies trading from Lynn’s new enterprise zone and innovation centre could pay no business rates at all for five years under new West Norfolk Council proposals.
Officials say the move, which was backed by the authority’s corporate performance panel on Wednesday, is intended to attract new firms to the Nar Ouse Regeneration Area (NORA) sites.
Chief executive Ray Harding told the meeting there had already been several inquiries from companies looking at taking up premises in the area.
He said: “It’s early days but the signs are very positive that it will achieve its objective.”
Under the plans, which will now go before the authority’s ruling cabinet, companies occupying properties in the NORA enterprise zone would pay no business rates at all for five years, subject to state aid rules.
The same discount would apply to both occupied and unoccupied premises within the King’s Lynn Innocation Centre (KLIC), which was officially opened earlier this year.
Officials said that extending the benefit to unoccupied properties was justified because the building was likely to see a higher turnover of companies.
The meeting also heard the discount would also apply to companies who buy properties within the enterprise zone.
Committee member Chris Crofts said: “It’s an excellent thing to attract firms to this site we badly need.”