A NEW company which is being created to boost economic development in York is being tasked with creating 700 jobs, supporting 500 businesses and attracting 250 investment enquiries over a three year period.

Make it York will come into force as a limited company on April 1 after City of York Council decided to launch a new organisation to collectively market and attract investment across all sectors of business in the city.

Taking over the remit for Visit York, Science City York, the York Economic Partnership, and the authority's economic development team, Make it York is tasked with delivering greater investment in York, increasing the value of the visitor economy, and promoting the city’s cultural and events programme.

Ahead of the company being formed next week, specific performance targets have been revealed for the Make it York team and board, which is chaired by Jane Lady Gibson, and led by managing director Steve Brown.

In an Economic & City Development Overview & Scrutiny Committee meeting, due to be held tomorrow, councillors are being asked to review a Commissioning Agreement which specifies objectives and outcomes for Make it York over its first three years.

Make it York is tasked with creating 700 jobs, with at least 500 to be paid above national median wage of £11.62 an hour, while also safeguarding 100 jobs through interventions.

It should also assist 500 business, or creative/cultural organisations to improve their performance, and provide information to 1,000 businesses, start-ups and organisations.

In a bid to attract new business Make it York is required to develop activities to ensure it received at least 250 inward investment enquiries from businesses outside the region, with 20 projects converted.

The Commissioning Agreement reveals the council will contribute £544,000 worth of staff and budget towards Make it York's first year in operation, £337,000 of which is allocated to economic development, £100,000 towards Science City York and £232,000 for the visitor economy.

The city centre, arts, culture and events will receive £220,000, while a £20,000 contribution will be made towards the managing director's salary. In return the council will receive a £374,000 return payment relating to net income from operating the markets, and city centre events and festivals.