A pilot scheme designed to reduce vacant town centre properties has been given the go-ahead by Conservative-controlled Cherwell District Council.
The Business Rates Incentives Scheme will provide an incentive of 50 per cent business rates relief, for up to two years, to new businesses occupying vacant premises.
North Oxfordshire Conservatives have welcomed the plans: “By offering incentives to new and existing businesses looking to start up or expand in Banbury or Bicester, this scheme will reduce the number of empty properties and diversify the offering on our High Streets. We are hugely excited by its prospects and with projects like Pioneer Square completed in Bicester, and Castle Quay II coming to Banbury, setting up shop in our town centres has never been more of attractive."
The scheme which will come into effect from 1 April 2017, will be open to all businesses with a rateable value of £15,000 to £50,000.