Cyber company Plexal has been awarded a £52,000 contract to help retain future business rates from the Golden Valley Development (GVD).

Cheltenham Borough Council (CBC) wants to create a proposal for the massive £1.4bn technology park to be given designated area status.

It would allow the authority to retain new growth in business rates and reinvest it locally, supporting economic regeneration.

The council has signed off a direct award contract with Plexal, skipping a lengthy tendering process, so work can be completed before the next devolution deadline in November.

Paul Jones, deputy chief executive of CBC, approved the decision on Tuesday (Sept 9) and the  £52,631 cost of the contract will be shared equally with Gloucestershire County Council.

Plexal can now begin a 10-week project to support both councils to "develop a compelling proposition" for designated area status.

Plexal's co-working arm, Hub8, already has a stake in the Golden Valley, opening the doors on its 20,000 sq ft MX Innovation Centre in Cheltenham  in July 2024. It was designed to complement and inform the  vision for the wider GVD and in its first year provided a home for 57 companies and 534 jobs.

If the GVD was awarded Enterprise Zone status it would benefit from a business rate discount of up to 100% over five years, enhanced capital allowances for machinery and equipment purchases and simplified planning regulations.

The proposal for it to be made a designated area must align with Gloucestershire's Local Government Reorganisation (LGR) submission which is due by November 28. The seven councils in the county are still working on three proposals to devolve power here  with reports expected to go before councilors for sign off over the next few months.

The GVD reached a milestone in July when the first section was approved by the council's planning committee. HBD got the green light for 576 homes and 125,698 sq m (1.353million sq ft) of office space on the southern part of its section.

A decision on the second section of the GVD  is due next month. An extraordinary planning meeting was originally scheduled for September 16 but has now been moved to October 21.

Cheltenham councillors will debate proposals by St Modwen and Midlands Land Portfolio Limited (MLPL), a property development arm of Severn Trent Water Limited.

They want to develop 68 hectares of land to the South of Old Gloucester Road into 1,100 homes which would include retirement/extra care accommodation, a community hub, primary school, children's nursery, sports pitches and open spaces.