BRADFORD Council has announced details of a “pioneering” new investment and jobs-boosting rate relief programme.

The District Growth Scheme is set to provide businesses with financial incentives to invest and expand their operations in the district, create new jobs, and bring empty and heritage buildings back into use.

The new initiative provides substantial rate reductions of up to around £170,000 over three years.

The authority states that three elements will be offered under the terms of the scheme, with New Investment Relief providing up to three years rate relief for new developments which create over 20 full-time equivalent new jobs.

Listed Building Relief will assist businesses to develop heritage premises, with firms that refurbish listed properties that have been vacant for over 12 months receiving sliding scale rate relief from 100 per cent in the first year to 25 per cent in year three.

The third component, Town Centre Rate Relief, is aimed at encouraging businesses to move into Shipley, Ilkley, Keighley, or Bingley town centres, with firms that move into previously vacant properties or expand into unoccupied space eligible to receive 12 months of rate relief.

The relocation must create new jobs within the Bradford district and eligible businesses will be entitled to £16,000 of rate relief for every new permanent full-time job created up to a maximum of the business’ annual rates bill.

The Council states that a similar programme, the City Centre Growth Scheme launched in 2012, has supported 225 businesses, brought 85 empty retail units back into use, and generated over 700 jobs.

Forty-five new start-ups have also been created under the scheme.

The authority will give priority to applications from financial, legal, business and professional services, leisure and retail firms, and high growth sectors such as small scale advanced manufacturing, green technology, creative and digital companies.

Some sectors are excluded from the programme including betting shops, amusement arcades, car parks, adult shops, hot food takeaways, and unincorporated associations.

The scheme is described as “one of a raft of growth stimulating measures” included in the Bradford District Economic Growth strategy which was launched earlier this month, and is available from April 1.

Councillor Alex Ross-Shaw, Bradford Council’s portfolio holder for regeneration, planning, and transport, said: "Our Economic Strategy outlines the key assets of our district including our heritage buildings and towns like Keighley, Shipley, Bingley, and Ilkley.

“They provide a distinctive offer for people considering investing or living here, and we want to support that with the District Growth Scheme, which will help unlock our huge growth potential.

“Our heritage is a huge part of what people love about Bradford and the Listed Building Relief will help make it easier for historic building owners to bring them back into use.

“It's our businesses and entrepreneurs who take the risks and make the investments, but we can do our bit with schemes like this to lay the foundations for growth which investors can utilise."

Paul Howard, manager of Keighley BID, added: “Any scheme that will promote investment in the town centre is to be applauded, particularly something that will encourage new businesses to move into the area.

“New investment leads to new jobs, and new jobs in the town centre mean more footfall for our existing businesses. We are often asked about available support so this is certainly something we will be promoting to our existing members and to any new enquiries coming in.”

For further information visit www.investinbradford.com.