Misplaced Pages

#16983

35-524: Initially known as Hadrian Business Park plans for the area were devised the early 1990s by the Tyne and Wear Economic Development Company. Work began on building Cobalt Park in 1996 when the site was purchased and it was initially to house businesses employing 5,000 people on a site of 140 acres (57 ha). Part of the development was made a designated Enterprise Zone in 1995. The region had previously been noted for its large mining industry and because of this

70-593: A "reversal of fortunes" in China's dealings with foreigners since the century of humiliation . Researcher Zongyuan Zoe Liu writes that "[t]he success of these cities as 'red' treaty ports represented another step in China's overall reform and opening-up plan while legitimizing the leadership of the CPC over the Chinese state and people." Numerous African countries have set up SEZs in connection with China, including over

105-482: A city, usually about 30%, as a UEZ. UEZs are usually located in the industrial and/or commercial portions of a city, within a continuous boundary. A 50% reduction in the general Sales tax rate (from 6.625% to 3.3125% as of January 1, 2018) and hiring incentives, are designed to reinvigorate the business climate within the Zone. These incentives have led to the construction of numerous malls and big-box retailers in parts of

140-649: A notable success has been the London Docklands , largely derelict and with unsatisfactory transport infrastructure thirty years ago when a zone was first established, now a financial and media powerhouse. In fact, the London situation is example of dual long-lasting special zones. The City of London was for years a special region in London, being one of the early examples of it. Despite this, after London lost its port status because of technology and rising prices,

175-529: A zone, they are granted a period of lower taxation. The creation of special economic zones by the host country may be motivated by the desire to attract foreign direct investment (FDI). The benefits a company gains by being in a special economic zone may mean that it can produce and trade goods at a lower price, aimed at being globally competitive. In some countries, the zones have been criticized for being little more than labor camps , with workers denied fundamental labor rights . The definition of an SEZ

210-580: Is an area in which policies to encourage economic growth and development are implemented. Urban enterprise zone policies generally offer tax concessions, infrastructure incentives, and reduced regulations to attract investments and private companies into the zones. They are a type of special economic zone where companies can locate free of certain local, state, and federal taxes and restrictions. Urban enterprise zones are intended to encourage development in deprived neighborhoods through tax and regulatory relief to entrepreneurs and investors who launch businesses in

245-541: Is determined individually by each country. According to the World Bank in 2008, the modern-day special economic zone typically includes a "geographically limited area, usually physically secured (fenced-in); single management or administration; eligibility for benefits based upon physical location within the zone; separate customs area (duty-free benefits) and streamlined procedures." The United States has long applied special economic rules to its outlying territories for

280-626: Is located adjacent to the North Tyneside Steam Railway and Silverlink Retail Park . The business park is served by numerous bus routes and the nearby Northumberland Park Metro station . It is located near to the A19 and A1058 roads and is bordered on one side by a former 19th-century waggonway that is now used as a cycle path. 55°01′16″N 1°30′25″W  /  55.021°N 1.507°W  / 55.021; -1.507 Enterprise Zone An urban enterprise zone

315-662: The stagflation of the economy, the British Centre for Policy Studies and the American Heritage Foundation challenged the theory of Keynesianism which consists of a mixed economy in the private sector accompanied by government interventions and regulations. City planning stopped regulating and controlling growth, and started promoting that growth by any possible means: through tax concession, deregulation, or infrastructure incentives. By encouraging urban growth, city authorities were expecting to boost

350-491: The 1950s and 1960s. Planning was fostered by a period of constant economic and physical growth. The economic recession of the 1970s and 1980s was compelled to transform the nature of urban planning. This shift was especially marked in the UK, when the strong capitalist economy shifted following the great recession. Britain lost its core economic motive: manufacturers. In an urban context, cities had to create growth at any cost. Due to

385-456: The 1970s) can transition successfully into sustainable economic growth as the zone is wound down, or whether by special pleading or inertia, breaks and incentives remain in place to stop 'capital flight'. A persistence of low-wage jobs, rapid turnover of the firms, little inward investment, or persistent subsidy to enterprise, would not indicate a successful transition. In the UK, a government-commissioned evaluation in 1987 found that from 1981–86,

SECTION 10

#1732797507017

420-979: The Cobalt Park site. As part of the development a country park of 44 acres (18 ha), Silverlink Biodiversity Park, was created on site and declared a nature reserve in 2005. It had been built on the site of a former rubbish tip . Newcastle Building Society , North Tyneside Council and the Sage Group have their headquarters on the site. Newcastle Building Society had used office space at Cobalt since 2008 before moving out of their previous headquarters in Portland House in Newcastle City Centre in 2021. North Tyneside Council moved their headquarters to Cobalt from Wallsend Town Hall in 2008. Sage Group moved their headquarters from Newcastle Great Park in 2021. Other businesses located on

455-578: The area. They are common in the United Kingdom and the United States. In other countries, regions with similar economic policies are often referred as export-procession zones, tax and duty-free zones, and special economic zones (SEZs) most predominantly present in China and India. The 1970s witnessed a shift in city planning, leaving behind post-war Keynesian policies and entering an era of growth machine. Urban planning had thrived during

490-537: The business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically encompass investing, taxation , trading, quotas, customs and labour regulations . Additionally, companies may be offered tax holidays , where upon establishing themselves in

525-609: The created revival vision London Docklands was in fact creation of second nearby special zone; mainly populated with financial companies, that hundreds of years ago would have chosen the City, but now instead chosen Docklands, while the City is slowly converting to tourist heritage park (one of examples is the Stock Exchange Building , where the London Stock Exchange moved away, and it was converted to

560-430: The development had to secure 5 disused mine shafts that ran through the site. In 1997 Highbridge Business Park Limited (a joint venture between Highbridge Properties and Ashall Group) became developers of the park and the development took on its Cobalt name. In 1998 construction of the first building, Cobalt 3, commenced and was completed in 1999. Over the following years more buildings were added. Additional expansion land

595-701: The development zone located near major highways, such as the Elizabeth Center and Jersey Gardens Outlet Center in the largely industrial city of Elizabeth along the New Jersey Turnpike . Among New Jersey's 565 municipalities, 27 now participate in the program. The general critique of enterprise zones is whether the system of tax breaks and easing of planning regulations (as has occurred in Asia, notably in free trade zones of Singapore and Hong Kong where Peter Hall sought inspiration in

630-443: The economy, reduce unemployment rates, and the progression of decay of its core cities. The enterprise zone concept evolved from a combination of theories, policies and social forces. The philosophy is most closely associated with the theory of supply side economics and the assumption that employers will respond positively to tax incentives and reduced government regulation. The enterprise zone philosophy suggests that by encouraging

665-652: The enterprise zones had cost nearly £300 million but 2,800 firms were established in them, employing over 63,000 people. Taking local transfers into account (a notable example being the Merry Hill Shopping Centre in the West Midlands , which largely consisted of shops which had relocated from the nearby town of Dudley ), only 13,000 net jobs had been created; a possible reason why the government began to prefer urban development corporations as their main vehicle for urban renewal . However,

700-495: The incentives to businesses to overcome economic obstacles that hinder economic growth. The United States experienced a transition similar to the UK in the 1970s. The industrial regions of New England, the northern Midwest and Mid-Atlantic were facing economic restructuring, overseas competition and profit loss. During the 1970s, it is estimated that 38 million jobs were lost due to the relocations of industries, closure, and cutbacks, and as much as 35 million were located in

735-558: The industrial composition of the zone itself. The zone was also found to be extremely cost-effective in its job creation. Overall, the consensus on the effectiveness of enterprise zones in the US is mixed at best. Lambert and Coomes (2001) found that the Louisville, Kentucky enterprise zone mostly benefited large corporations rather than small entrepreneurs and did not benefit local neighborhoods at all, even though community re-development

SECTION 20

#1732797507017

770-490: The industrial regions. For the regeneration, it took urban planners, politicians and economists to challenge Keynesianism and introduce Enterprise zones. Urban revitalisation heavily influenced enterprise zones in the USA. Urban revitalisation consisted of innovative partnerships between different government levels and the private sector. The concept mainly consisted of accepting the end of the industrial-led economy and transforming

805-409: The list to 44 in 2015. The Evansville, Indiana Enterprise Zone Program was established in 1984 as one of Indiana 's first five enterprise zones. A study published in 1989 by Barry M. Rubin and Margaret G. Wilder examined the 2.1 mi. area using the technique of shift-share analysis to determine whether the zone was having a measurable impact on local economic development. (The choice to use

840-718: The opening of China in 1979 by Deng Xiaoping was the Shenzhen Special Economic Zone , which encouraged foreign investment and simultaneously accelerated industrialization in this region. These zones attracted investment from multinational corporations and allowed export-oriented Chinese businesses to respond quickly to demand in foreign markets. China continues to maintain Special Economic Zones and certain open coastal areas. Most of China's SEZs are located in former treaty ports and therefore have symbolic significance in demonstrating

875-501: The park include Accenture , DNV , DXC Technology , EE , IBM , NHS , Leeds Building Society , Procter & Gamble , Santander and Siemens Gamesa . Previous tenants have also included Balfour Beatty , Barnardo's , Formica , G4S and Utilitywise . Retail tenants also include Aston Martin , Busy Bees Nurseries , Greggs , Jaguar Land Rover and Tesco . The site also has its own data centres , gyms, hotels ( Travelodge and Village Hotel Club ) and hospital. The business park

910-635: The period 1990 to 2018 establishing SEZs in Nigeria (two), Zambia, Djibouti, Kenya, Mauritius, Mauritania, Egypt, and Algeria. Generally, the Chinese government takes a hands-off approach, leaving it to Chinese enterprises to work to establish such zones (although it does provide support in the form of grants, loans, and subsidies, including support via the China Africa Development Fund ). The Forum on China-Africa Cooperation promotes these SEZs heavily. As of at least 2024, there

945-478: The production of goods, investment will improve; therefore, the supply of goods and services and the providing of job opportunities will increase accordingly. As policy mechanism, enterprise zones are proposed to stimulate economic activity in decaying areas. When compared with other areas, these areas have higher unemployment rates, lower income level, lower employment opportunities, vacant land, and decayed building and infrastructures. Enterprise zone programs provide

980-418: The purpose of economic development. Section 936 corporate tax exemptions for Puerto Rico began with Operation Bootstrap in the 1940s and ended in 2006. The federal minimum wage for U.S. territories has in the past been lower than in the states, and as of 2024, American Samoa is still adjusting upward to the nation-wide minimum. Modern SEZs appeared from the late-1950s in industrial countries. The first

1015-589: The role of the inner city to a service sector economy. This revitalisation of the inner city would attract young professionals to the decaying Victorian downtown neighborhoods. This would create a new economic base to the city. In New Jersey , for example, a municipality may request that the New Jersey Urban Enterprise Zone Authority, part of the New Jersey Department of Community Affairs designate part of

1050-471: The shift-share analysis method with the larger metropolitan area as the reference region allowed Rubin & Wilder to go a step further than previous studies and exclude "external effects" that might be stimulating or depressing regional economic growth and development.) The study found that the Evansville zone did provide significant employment growth that could not be accounted for by external effects or

1085-574: The tourist-luxury shopping centre), and for example car owners and parking spaces are limited, with extra payment just for "entry" , during the working week which is not endorsed by private-public owning of Docklands, which also approves new buildings containing itself lot of working places and vehicle parking spaces. In 2012, the Conservative-Lib Dem coalition government designated 24 new enterprise zones in England, and then extended

Cobalt Park - Misplaced Pages Continue

1120-403: Was a goal. More importantly, in a book that reviewed most major enterprise zone studies done in the 1980s and 1990s as well as conducting its own original work, Peters and Fisher (2002) consider most state and local enterprise zone programs to have come up short in achieving their goals and objectives. Special economic zone#Types A special economic zone ( SEZ ) is an area in which

1155-504: Was acquired in 2002 and 2007. The development consists of more than 29 buildings. As of 2016 more than 14,000 people are employed on the business park. The CBX building was formerly part of a £1.1 billion Siemens Semiconductors factory that had been built in 1995/6 and opened by Queen Elizabeth II in May 1997. Siemens closed the plant in 1998, and spun off their Semiconductor business to Infineon Technologies in 1999. The fabrication facility

1190-648: Was in Shannon Airport in County Clare , Ireland . Some tax-free jurisdictions such as the Cayman Islands offer technology companies a way to keep their IP offshore in a Special Economic Zone (see Cayman Enterprise City ). From the 1970s onward, zones providing labour-intensive manufacturing have been established, starting in Latin America and East Asia . The first in China following

1225-499: Was transferred to Atmel in 2000 who restarted production at the site. After Atmel decided to reorganise their global factories, their 8-inch wafer fabrication equipment was sold to TSMC and the North Tyneside site itself was sold to the owners of Cobalt in 2007. A number of the buildings attached to the original semiconductors factory have since been demolished and replaced with office and data centre buildings, thus expanding

#16983