35Guidance and consultation about promotion of economic development
(1)It shall be the duty of a relevant authority, in determining whether and in what manner to incur any expenditure for the purpose of promoting the economic development of their area, to have regard to such guidance with respect to expenditure for that purpose as may have been given by the Secretary of State to that authority, to relevant authorities of a description applicable to that authority or to relevant authorities generally.
(2)It shall be the duty of a relevant authority, before the beginning of each financial year, to determine whether they will take any steps in that year for the promotion of the economic development of their area.
(3)Where under subsection (2) above a relevant authority make a determination in relation to any financial year that they will take steps in that year for the promotion of the economic development of their area, it shall be the duty of that authority, before the beginning of that year—
(a)to prepare a document setting out their proposals as to the steps to be taken and setting out the other matters mentioned in subsection (4) below;
(b)to make that document available—
(i)to such bodies as are representative of commercial or industrial undertakings in their area;
(ii)to such of the persons carrying on commercial, industrial and public undertakings in their area as they consider appropriate; and
(iii)to such other persons as they think it desirable to consult about the proposals contained in it; and
(c)to consult the persons to whom the document is made available about the proposals contained in it.
(4)The other matters which are required to be set out in the document relating to a relevant authority’s proposals as to the taking of any steps are—
(a)the authority’s proposals as to the expenditure to be incurred by them in taking those steps and as to the extent to which that expenditure is to be capital or revenue expenditure and is to be attributable to different proposals;
(b)the authority’s estimate of any income likely to accrue from the implementation of their proposals; and
(c)what the authority intend the implementation of their proposals to achieve.