Manchester City Council has approved the official boundaries for the Enterprise Zone (EZ) at Manchester Airport City, which has the potential to bring up to 220 new businesses to the region by 2015 - rising to 350 in the longer term.
According to the latest report by Sir Howard Bernstein, CEO of Manchester Council, these new companies will result in up to 9,500 additional jobs in the region by April 2015, which could increase to 21,000 as the area expands.
The Airport City - one of 21 Enterprise Zones announced in the UK's March Budget - is expected to yield €230 million in business rates to Greater Manchester over the next 25 years, the report said.
It added that companies locating at the EZ would benefit from annual rate relief worth up to €63,200 for the first five years.
The local authorities will retain all business rates growth within the zone for at least 25 years, in order to support local economic priorities and the report added: "It has been agreed that these should be pooled at Greater Manchester level to support Greater Manchester priorities."
The report, which was approved by the council's executive committee earlier today, states that the preferred option for the EZ will comprise 116 hectares, incorporating Wythenshawe town centre and hospital, adding that this would allow the creation of a specialist health and biotech cluster.
The region will also include the Atlas and Roundthorn estates, Medipark and space occupied by Emerson Properties and the Council.
Meanwhile, land to the north and east of the airport would be designated for office space and budget hotels.
According to the report: "The main focus of the Airport City strategy will be to attract business that would not otherwise locate in the region and which demands the levels of connectivity and business synergy associated with a location in close proximity to a major international airport.
"The focus of this unique project in the region will be advanced manufacturing, health and biotech business linked to MediPark and office and logistics operations."
