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Discretionary Rates Relief (Strategic Relocations) for Stepchange

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Discretionary Rates Relief (Strategic Relocations) for Stepchange Report author: Robert Henderson Tel: 74298 Report of: Key Account Manager Report to: Chief Officer Financial Services Date: 19 November 2020 Subject: Discretionary Rates Relief (Strategic Relocations) for StepChange Are specific electoral Wards affected? Yes No If relevant, name(s) of Ward(s): Little London and Woodhouse Are there implications for equality and diversity and cohesion and Yes No integration? Is the decision eligible for Call-In? Yes No Does the report contain confidential or exempt information? Yes No If relevant, Access to Information Procedure Rule number: Appendix number: Summary of main issues 1. Executive Board approved the creation of discretionary rates relief policies, including one for inward investments creating new jobs in Leeds, in March 2014. This supports the Council’s priority to promote sustainable and inclusive economic growth. 2. StepChange propose to move to “The Cube” at 123 Albion Street, Leeds where they would occupy just over 46,000sq.ft. of refurbished office space. They are seeking rate relief of €200,000 over a 3 year period from the Council to help them proceed with this investment. Doing so will safeguard 950 jobs and help create 180 new jobs over the next 3 years in Leeds. 3. The current cost to the authority of doing this would be £180,860 but will result in net additional rates of £576,000 over the term of their lease. It is proposed that the rates be released to StepChange incrementally over 3 years as follows; 25% in 2021/22 (£45,215), 35% in 2022/23 (£63,301) and 45% in 2023/24 (£81,387). Offering rates relief to StepChange is a good use of our discretionary powers and offers strong value for money. Recommendations 1. That the Chief Officer Financial Services approve the request from StepChange for rates relief and to offer the maximum available relief available of €200k (£180,860) at the current official exchange rate (NOV 20). Whilst we closed the council’s rates relief scheme to new applications in April we had in principle agreed to provide support to StepChange before that decision was taken. 1 Purpose of this report 1.1 To appraise the Chief Officer Financial Services of an application from StepChange for discretionary rates relief under the Strategic Relocations policy, approved by Executive Board in March 2014. 1.2 To advise the Chief Officer Financial Services with regard to the relief that could be offered to StepChange. 2 Background information 2.1 The Council’s discretionary rates relief policy was approved on 5th March 2014. It includes a category of relief for, “Strategic Relocations” which enables the authority to offer 100% to support the growth and consolidation of key businesses up to a maximum of €200,000 over a 3 year period in accordance to deminimis regulations. The relief is targeted at businesses in our priority growth sectors, including financial and business services. 2.2 StepChange is the UK’s largest provider of free debt advice and solutions to people within financial difficulty, and has been described as an essential national service. It provides help to around 600,000 people per annum, as well as managing solutions for around 200,000 people and helping those clients repay nearly £500m from their debts each year on an affordable basis. 2.3 The Charity was established in 1993 and has grown to employ 1,500 in the UK of which around 950 are based in Leeds. Other offices are largely operational, apart from a small London office, and are located in Halifax, Glasgow, Birmingham, Chester, Newcastle and Cardiff. The Charity is fully regulated, by the Financial Conduct Authority, and has invested in technology so that people can access services both via the telephone and online. This is a unique service in the sector. 2.4 StepChange have been in discussions with the Council since 2017 with regard to the consolidation of its three Leeds offices into a single office HQ. They have requested that we provide them with discretionary rates relief to do this project in Leeds rather than at one of their other sites outside the city. 3 Main issues 3.1 StepChange plan to double the number of people that they help each year by 2023. This does not include the significant additional service demand they are currently experiencing due to the coronavirus pandemic. The widespread economic difficulties caused by the pandemic means the charity are planning for record numbers of people needing their help in 2021 and 2022. Over the course of the next three years the Charity envisages growth in its nationwide headcount of ca. 20% (300 employees). 3.2 To cope with demand and support this growth, they need to reduce their property related overheads and invest in additional resources. This includes launching new products, increasing headcount and upgrading their online services. StepChange operate in three different locations in Leeds; Wade House, Commerce House and Fairfax House. The lease at their HQ (Wade House) expires between DEC 20 – APR 21 and they have taken the decision to consolidate all three Leeds offices into a single location. 3.3 As Leeds represents ca. two-thirds of the Charity’s headcount, the Charity is at risk of an over-concentration of resources in one location and having their growth restricted by the talent pool available. They could offset this risk by growing their organisation at most of their other offices outside of Leeds. However, Leeds remains the foundation of the Charity, the centre for its technology services and nearly all its HQ activities. Furthermore, whilst the Charity is financially stable, the limiting factor to deliver this investment in growth is almost entirely financial. The Charity always aims to focus its financial resources on providing help to as many people as it can, so by reducing costs, this directly equates to more people getting support. 3.4 StepChange propose to move to “The Cube” at 123 Albion Street, Leeds where they would occupy just over 46,000sq.ft. of refurbished office space. The lease would last for 12 years from the 1st January 2021 to 31st December 2033. The office would be refurbished over a period of 3-4 months to enable them to occupy in late April 2021. The estimated rateable value of this property is £320,000 per annum but given that StepChange are a charity they qualify for 80% rates relief. This means the total payable by the organisation per year will be £64,000 (£192k over 3 years). 3.5 For the Council to secure this proposed investment in Leeds, StepChange are requesting we provide them with the maximum amount of discretionary rates relief available to us. This would equate to €200,000 over a 3 year period in accordance to deminimis regulations. (£180,860 at the current exchange rate (NOV 20)) This will help reduce the financial burden that StepChange’s proposed growth will have on their finances and secure their commitment to proceed with the project in Leeds. Furthermore, they state that 180 (60%) of the 300 new jobs will be created in Leeds if they do the project here. If we do not provide this relief they may yet decide to distribute this investment across their other six office locations outside Leeds. 3.6 The key reasons to support this application are: It will secure a key city employer to occupy a large city centre office at a time when investment in the city centre market is expected to be subdued. On the basis of widespread changing working practices initiated by the pandemic. It will safeguard 950 existing jobs and create up to 180 new jobs over the coming 3 years The Council will collect at least £576,000 in NET rates over the term of their lease. 3.7 The total cost to the Council for providing this rates relief would be £180,860 at the current exchange rate (NOV 20). If this application is supported, it is proposed that the rates relief be released to StepChange incrementally over 3 years as follows; 25% in 2021/22 (£45,215), 35% in 2022/23 (£63,301) and 45% in 2023/24 (£81,387). 4 Corporate Considerations 4.1 Consultation and Engagement 4.1.1 The original policy was subject to extensive consultation and engagement. 4.1.2 The Executive Member for Development and the Economy has been consulted on the detail of this implementation and has approved the recommendation. 4.2 Equality and Diversity / Cohesion and Integration 4.2.1 The policy was screened for Equality and Diversity/Cohesion and Integration issues and deemed to have no impact. This report relates to the implementation of that policy and thus also has no impact and does not need re-screening. 4.3 Council policies and City Priorities 4.3.2 The proposed rates relief supports the Council’s priority to promote sustainable and inclusive economic growth. It will help to safeguard 950 existing jobs and support the creation of a further 180 new jobs for local people over the next 3 years. 4.4 Resources and value for money 4.4.1 The current cost to the authority would be £180,860 but will result in net additional rates of £576,000 over the term of their lease. Rates relief is therefore good value for money as it will cement a deal with StepChange that safeguards 305 jobs and helps to create a further 180 new jobs in Leeds. 4.5 Legal Implications, Access to Information and Call In 4.5.1 Localism Act powers underpin the new discretionary rates relief schemes, and our use of them is enabled by the March 2014 Executive Board approval for the policy.
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