Issue - meetings

The purpose of the report is to secure continued support for promoting the Somer Valley Enterprise Zone scheme and progressing the Compulsory Purchase Order, including pursuing various measures to secure additional funding and/or other means to ensure the delivery of the project.

Cllr Paul Roper, Cabinet Member for Economic and Cultural Sustainable Development, introduced the report, moved the officer recommendation and made the following points:

·  The administration is committed to unlocking local potential and driving forward ambitious development across the area. A key example is the Somer Valley Enterprise Zone, a complex but transformative project intended to deliver long?term economic benefits.

·  The project was originally proposed in 2007, but market forces failed to progress it; the current administration has therefore taken responsibility for delivering it directly.

·  The council has already secured £30 million in funding from multiple sources to support infrastructure development.

·  The Enterprise Zone is expected to create 1,300 new jobs in an area with a historic industrial base that has experienced significant loss of major employers and increased out?commuting.  

·  Regeneration work in Midsomer Norton and Radstock is progressing, supported by government investment and informed by extensive resident engagement.

·  The Enterprise Zone is a cornerstone of the council’s economic strategy and has helped secure Somer Valley’s inclusion as one of five key regional growth areas, ensuring greater visibility and access to funding.

·  The development will support the emerging Local Plan, providing employment opportunities closer to residents’ homes and helping strengthen the local economy.  

·  A desktop assessment estimates a notional investment requirement of up to £53 million to complete the scheme and highlights potential future funding needs over a delivery timescale of more than 10 years.  

·  The paper does not commit the council to allocating a budget or spending a specific amount at this stage; it simply recognises the possible funding gap that may need addressing in future phases.

Cllr Matt McCabe seconded the motion and made the following points:

·  The government has required the council to plan for 27,000 new homes and 25,000 jobs over the next 20 years, presenting a significant challenge for the Local Plan.

·  Numerous development sites have been proposed by the private sector and the council, and a major consultation on these sites and related policies concluded in November; officers are now reviewing all responses.  

·  Infrastructure concerns dominated public feedback, with strong sentiment that existing systems cannot support an estimated 50,000 additional residents. The phrase “Infrastructure First” emerged as a key theme.  

·  The Somer Valley Enterprise Zone is framed as a crucial early step toward addressing infrastructure needs, supporting future economic growth, and creating opportunities for young people who aspire to live and work locally.

RESOLVED (unanimously):

(1)  To reaffirm the commitment to promoting the Somer Valley Enterprise Zone (SVEZ) scheme, notwithstanding the Council’s recognition of potential viability concerns with the project.

(2)  If the SVEZ scheme proceeds, to acknowledge that up to £53m may need to be secured from various means to ensure the delivery of the project, including potential further investment from the Council, other public funding sources, public loans and developer partnership.