Additional documents:
Minutes:
Members were reminded that at the meeting on the 17th July 2019, it was agreed to consider Project 0098 via written procedures.
However, it was noted the required quoracy was not achieved via written procedures and the paper is therefore being returned to the Board for consideration.
The Board was informed that as part of the written procedures process, the option for a grant of 5% of scheme value (£619,000) was confirmed as acceptable from the options presented and this is therefore being presented for consideration by the Board.
It was noted project 0098 is a Sheffield based scheme seeking to support an inward investment opportunity to create a unique visitor experience. This inward investment scheme is closely aligned with a development, already approved, and aims to contribute to the Sheffield ‘Outdoor city’ strategy offer. The grant would be matched by private sector finance up to the £12.3m total project costs.
Consideration was given to whether this decision (if taken) would be comparable with similar past investment decisions. The Board was informed of the various factors which are taken into consideration in determining whether investment recommendations take the form or loans or grants. The importance of consistency was re-asserted.
RESOLVED, that the Board: