Council allocates bonus funding
Cherwell District Council has pledged to set aside vital funds it receives from a government bonus scheme to boost economic development in the district.
Under the New Homes Bonus scheme the council receives a payment equal to the national average council tax band for each new property it builds.
On this basis CDC is set to receive £703,195 for the next five years .
At a meeting of the council’s executive last Monday evening (February 4) councillors pledged to set aside this money for four key priorities.
It said 50 per cent of the funds are to be held in a dedicated reserve to help the council address any shortfall in delivering its budget and services. 25 per cent will be allocated to the purchase of suitable land to be used for building industrial units in Banbury and Bicester which it is hoped will help provide locations for new businesses, generating employment opportunities.
The remaining 25 per cent will be used to help fund planned growth in Banbury and Bicester such as the Canalside scheme envisaged in the upcoming Banbury Masterplan.
Executive Chairman Cllr Barry Wood addressed the meeting saying: “My take on this has always been that the concept of a bonus for development is a great idea.
“Meanwhile, we have to deal with what could be a black hole in terms of money we receive from the government in 12 or 24 months time, so this is the right balance between risk taking, support for communities and development and growth.”
To view the full minutes of the meeting visit the council’s website at www.cherwell.gov.uk.
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