Selby’S Olympia Park development has lost one of its chances to become an Enterprise Zone.

The York, North Yorkshire and East Yorkshire Local Enterprise Partnership (LEP) had shortlisted the site as one of four potential areas it would submit to Government in a bid for one of the ten remaining Enterprise Zones the Government will award.

Enterprise Zones have been designed to stimulate economic growth by offering reduced business rates and a simplified planning regime, as well as providing income for the LEP, which will keep the business rates for 25 years.

The LEP chose Scarborough Business Park from four shortlisted sites, also including York Central and York Heslington East.

However, Selby has a second shot as it has also been shortlisted by the Leeds City Region LEP.

Leeds City Region was granted its Enterprise Zone from the Government when it announced the scheme in the Budget. The board is meeting tonight to discuss the potential sites.

Barry Dodd, chairman of the LEP, said: “Each bid was assessed against the criteria, and whilst they each had something to recommend them, it was agreed unanimously that the Scarborough proposal hits the most buttons and therefore gives us the best chance of success.

“We firmly believe that, working closely with our partners in Scarborough, we can put together a really strong bid that, if successful, will make a massive difference to business growth.”

Scarborough Business Park, which is 175 hectares large, is already home to more than 100 businesses including world leaders McCain Foods, Plaxton, UPM Raflatac, Pindar and Legrand Electric.

In recent years Scarborough Borough Council has worked with Caddick Developments to invest a further £10 million of public and private funding to service an additional 50 hectares of land, complete with next generation broadband internet access. It will target sectors such as the offshore wind supply chain and potash servicing businesses.