Exempt Paragraph 3

Information relating to the financial or business affairs of any particular person (including the authority holding that information)

RESOLVED

That Cabinet, subject to confirmation of approval by the Coast to Capital LEP Board of £8.4 million of Getting Building Fund monies for the Crawley Innovation Centre project,

a)         approves the Towns Fund business case for the Crawley Innovation Centre project (Appendix A) of report PES/395, and

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

              i.          to make any technical modifications required to the wording and content of the business case.

             ii.          to produce a summary version of the business case and to submit that summary version to the government.

That Full Council be recommended to approve the following items:

a)         the addition of a new capital scheme to the capital programme for the Innovation Centre of £8.4m funded from the Getting Building Fund (subject to LEP board approval).

b)         to increase the capital programme budget for the Innovation Centre by £900,000 of Towns Fund monies subject to a viable business case that satisfies the s151 officer being received on the revenue financial implications to the Council of the project and receipt of approval from Government.

c)         to allocate £1.6 million of Towns Fund revenue funding to the Crawley Innovation Centre project subject to a viable business case and receipt of Government funding.

d)         to authorise the Council’s S151 Officer to request the Local Enterprise Partnership’s powers of flexibility in order to ensure the Getting Building Fund (GBF) monies are defrayed in 2021-22 in accordance with the LEP’s requirements by spending any residual GBF monies on the new Town Hall capital scheme and then rolling forward the equivalent sum from the Town Hall scheme into 2022-23 to ensure delivery of Crawley Innovation Centre project”.

Reasons for the Recommendations

To enable the Council to finalise and confirm approval of the business case for £2.5 million of Towns Fund monies to be allocated to the Crawley Innovation Centre project, as co-financing alongside the £8.4 million of Getting Building Fund monies from the Coast to Capital LEP.

To enable the Council to submit a summary version of the business case to the government in order to confirm that the project has been approved by the Council.

To enable the allocation of £900,000 of Towns Fund monies 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

To enable the allocation of £1.6 million of revenue finances from the Towns Fund to the Crawley Innovation Centre project.

In order to roll forward Getting Building Fund finances into next year to ensure delivery of the Crawley Innovation Centre project.