Decision details

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

Purpose:

To allocate residual growth point funding to contribute to the delivery of the Thetford Enterprise Park (TEP).

Decision:

RESOLVED that:

 

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

Accompanying Documents: