Decision details

Innovative Projects Fund - acceptance and spend of grant, and associated match funding.

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

To accept and spend a grant award from the Innovative Projects Fund (IPF), along with associated match funding, on behalf of the Cambridge Norwich Tech Corridor (CNTC) for carrying out an exercise aimed at supporting and growing the manufacturing and engineering industry in the area.

 

Decision:

RESOLVED to RECOMMEND to FULL COUNCIL:

 

1)     To approve acceptance and spending of an Innovative Projects Fund grant to the value of £180,700, and associated financial contributions of £19,500, in order to support the delivery of an exercise aimed at growing the manufacturing industry in the area, as set out within this report.

 

2)     Delegate authority to the Chief Executive to sign the grant offer letters in consultation with the Cabinet Member for Finance and Growth.

 

Reasons for the decision:

Acceptance of the grant funding will enable the completion of the project in line with the application submitted and the conditions of the funding awarded. Doing this at the earliest opportunity will enable the project to proceed as quickly as possible and thus maximise the benefits that are anticipated to be delivered.

 

Delaying the decision, or not accepting the grant funding on behalf of the CNTC, would result in a significant adverse impact upon the delivery of the project and therefore all of the manufacturing businesses throughout the region.

 

Alternative options considered:

Option 1 – Accept and spend the IPF grant, and associated match funding, on behalf of the CNTC (Recommended). Under this option, the authority will accept and spend £180,700 of IPF grant from NALEP, £10,000 match funding from Norfolk County Council (NCC) and £9,500 match funding from the University of East Anglia (UEA), on behalf of the CNTC in order that the project can proceed.

 

Option 2 – Do not accept the IPF grant, and associated match funding, on behalf of the CNTC (Not recommended). Under this option, the project would not proceed.  The Council is the Accountable Body for the CNTC and therefore it is only the council that could accept the funding on behalf of the CNTC. 

 

Report author: Stephen Scowen

Publication date: 15/07/2020

Date of decision: 13/07/2020

Decided at meeting: 13/07/2020 - Cabinet

Accompanying Documents: