Business Rates Devolution

Description

The Devolution Deal with Government in 2015, provided the transfer of significant powers for employment and skills, transport, and investment for economic growth to the Tees Valley Combined Authority (TVCA). The Combined Authority was created in 2016 with the election of the first Tees Valley Mayor in May 2017.  Swiftly followed by the creation of the first Mayoral Development Corporation outside of London, to take forward the Teesworks site (former Steelworks site). 
Through the deal, TVCA had the power to create an Investment Fund, bringing together funding from a range of sources alongside devolved powers to deliver a 30-year programme of transformational investment in the region. This includes the control of £15m a year funding allocation over 30 years.
Our focus is on economic growth as set out in our Strategic Economic Plan (SEP) and our developing Local Industrial Strategy, with activity prioritised across six growth generating themes:
•	Business Growth
•	Research, Development, Innovation & Energy
•	Education, Employment & Skills
•	Place
•	Culture and Tourism
•	Transport & Infrastructure
All our investment projects need to make a direct contribution to GVA and the creation of jobs.
TVCA works with five Local Authorities within the Tees Valley Region - Stockton, Middlesbrough, Darlington, Hartlepool and Redcar and Cleveland.