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<p>The South Tees site will be designated as a Special Economic Area which will enable
the local retention of additional business rates growth. Redcar and Cleveland Borough
Council will continue to collect 50 per cent of all business rates in respect of those
properties currently situated within the proposed boundary of the Special Economic
Area, in line with the current operation of the Business Rates retention System.</p><p>In
addition, once the Special Economic Area is established in statute, Redcar and Cleveland
Borough Council will retain 100 per cent of all business rates growth obtained within
that same area. This additional funding can then be used by the South Tees Development
Corporation and Redcar and Cleveland Borough Council to reinvest in local economic
growth.</p>
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