Exempt Paragraph 3
Information relating to the financial or business affairs of any particular person (including the authority holding that information)
That the Cabinet
a) approves the submission of the Crawley Innovation Centre business case (Appendix A) to the Coast to Capital Local Enterprise Partnership in order to seek their approval to grant £8.6 million of Getting Building Fund to Crawley Borough Council to deliver the Crawley Innovation Centre project.
b) delegates authority to the Head of Economy and Planning and the Head of Corporate Finance in consultation with the Cabinet Member for Planning and Economic Development to make any technical modifications required to the wording and content of the business case prior to submission of the final draft of the business case to the Coast to Capital Local Enterprise Partnership.
c) delegates to the Asset Manager in consultation with the Chief Executive, the Leader of the Council, the Cabinet Member for Planning and Economic Development and the Head of Corporate Finance to acquire a suitable property if necessary for the Crawley Innovation Centre should one become available.
The Cabinet recommends to Full Council to
agree to increase the capital programme budget for the Innovation Centre by £8.6m subject to receiving approval from the LEP that the bid is successful and that they will provide the £8.6m grant. This is also subject to a viable business case that satisfies the s151 officer being received on the revenue financial implications to the Council of the project.
Reasons for the Recommendations
a) To enable the Council to submit and present the business case for the Crawley Innovation Centre project to the Coast to Capital Local Enterprise Partnership (LEP) with a view to securing approval from the LEP for the allocation of £8.6 million of Getting Building Fund monies to the Council to deliver the Crawley Innovation Centre project.
b) To enable the Council to acquire a suitable property should one become available if necessary to enable delivery of the Crawley Innovation Centre project.
c) To enable the allocation of £8.6 million to the CBC capital programme, subject to:
· LEP approval of the Getting Building Fund monies;
· Full Council approval
· The viability of the business case satisfying the Council’s s151 officer