SELBY has been shortlisted in the region's hunt for an enterprise zone, which will encourage development and business investment through reduced rates.

The town has made a shortlist of four, alongside the Aire Valley in Leeds, Bradford city centre and the Wakefield M62 corridor.

It was announced in April’s Budget that the Leeds City Region Local Enterprise Partnership (LEP) would qualify for an Enterprise Zone, which will benefit from reduced business rates. Those business rates will then provide a revenue stream for the LEP, which it will distribute across the city region, it said. Councils have been asked to bring forward priorities for that investment.

The LEP said the sites had been proposed on the basis of criteria of scale, quality, deliverability and cost.

A private sector led task group will now analyse more detailed proposals for these sites and make recommendations to the next LEP Board meeting in mid-June.

The Chair of the LEP Board, Neil McLean, said the proposals would take into account the impact of displacement of business in order to avoid negative impact on neighbouring parts of the city region.

“The board had an excellent, lively and constructive debate about the merits of the Enterprise Zone proposals,” he said.

“Rather than rush to judgement before the Enterprise Zone comes into force next April, the board is making sure that the decision is the right one, based on sound information and private sector scrutiny.

“I’m happy that we’re on track to deliver an Enterprise Zone that will produce real results from April 2012 and will benefit the whole of the Leeds City Region,” he said.