Plans to help boost the local economy and jobs has taken a major step forward thanks to an innovative agreement between JAYNIC Suffolk Park Limited and St Edmundsbury Borough Council.
The Council has signed a £3 million loan facility agreement with the promoter of the 114-acre Suffolk Park commercial scheme in Bury St Edmunds adjacent to Junction 45 of the A14.
The enables JAYNIC to borrow up to £3m towards infra-structure costs to make sure facilities are in place to attract business and help create jobs in the area.
JAYNIC can use the loan facility for up to two years, repayable in full, towards the main estate road together with two spur roads, drainage, distribution of mains services, internet provision and landscaping.
The loan agreement is part of the joint public and private sector initiative to boost the local economy and maintain St Edmundsbury as a successfully growing area that supports current and new companies.
Cllr John Griffiths, Leader of St Edmundsbury Borough Council said:
“This further emphasises our commitment to bringing economic growth to west Suffolk, removing the barriers so that existing businesses can expand and succeed, as well as attracting new ones to the local area. We invested in the Eastern Relief Road which has opened up the employment land on Suffolk Park and the wider Suffolk Business Park. We also worked with New Anglia LEP to establish the site as part of its Space to Innovate Enterprise Zone
“All of this will lead to thousands of new jobs, the development of new skills, expertise and opportunities, particularly for younger people as they leave education. That in turn will lead to greater wealth and prosperity which brings better living conditions for all our residents.”
The development masterplan, which received outline planning consent in April, provides for up to 2m sq ft of business, distribution and industrial space at Suffolk Park and includes a potential 750,000 sq ft ‘big box’ distribution warehouse on the east side of the site.
Enterprise Zone status on 14 hectares of Suffolk Park, which was secured by New Anglia LEP and St Edmundsbury Borough Council, means that any qualifying company taking new accommodation within the zone will be eligible for relief of up to £55,000 pa against the rates payable for five years amounting to a saving of £275,000 over that period.
“We are delighted to have the continued support of St Edmundsbury Borough Council in this. The loan facility together with the monies realised from selling 10 acres to Treatt PLC, means that the infrastructure for the whole site, covering the current and all future phases is now fully funded.
“With the infrastructure in place we can provide fast track occupation for companies planning to move to Suffolk Park that will benefit the whole Bury St Edmunds economy.”
Simon Wilson – Project Director JAYNIC