Allocation of Residual Growth Point Funding (Agenda Item 9)
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To allocate residual growth point funding to contribute to the delivery of the Thetford Enterprise Park (TEP).
1) £489,882 residual Growth Point Funding is allocated to contribute to the delivery of the Thetford Enterprise Park (TEP);
2) any unspent project allocations under the now dissolved Moving Thetford Forward Programme (MTF) returned to the Council in the future are allocated to contribute to the delivery of the Thetford Enterprise Park;
3) the sums above together with the recently secured Norfolk Business Rates Pool Grant of £450,000 will be utilised as part of a multi-agency package blending financial contributions from a number of inter-agency sources to facilitate the infrastructure investment required to deliver the Enterprise Park; and
4) the Executive Director of Commercialisation is requested to represent the Council and in discussions to secure the required multi-agency agreement for successful delivery of the TEP and report back to Cabinet the outcome.
Reasons for the decision:
Investment in the TEP provides the opportunity for a greater number of jobs to the area. Participating in a multi-agency solution where a number of stakeholders collaborate, each contributing a proportion of the overall investment requirements secures the greatest opportunity to maximise inward investment, benefiting the town and surrounding villages.
The benefits arising as a result of option1 are measurably greater in terms of job numbers than option 2 and option 2 may be deliverable via other funding sources which are being actively pursued.
Option 3 will not deliver the Councils growth ambitions as set out in the corporate plan.
Alternative options considered:
Option 1 to allocate any residual growth point funding to the TEP
Option 2 to allocate the funding to the projects submitted but not approved to the MTF board.
Option 3 Do Nothing
Report author: Julie Kennealy
Publication date: 06/01/2016
Date of decision: 05/01/2016
Decided at meeting: 05/01/2016 - Cabinet
Effective from: 14/01/2016