Agenda item

A report was presented which requested the progression of seven schemes, early release of development cost funding subject to conditions to be set out in the Assurance Summaries and delegated authority to enter into legal agreements for the schemes.

The report detailed the results of the assurance processes undertaken on three proposed business investment totalling c£12m.

The report also recognised that, whilst all three proposals met the threshold for consideration for investment, there was currently insufficient headroom within the MCA’s residual LGF allocation to support all proposals.  The report requested that the Board approve all proposals on their technical merit, consider how the balance of the LGF funding be deployed and consider whether alternative funding could be used to support the balance of proposals, for example Gainshare.

Recognising the potential for further investment opportunities to arise by January and beyond, the report recommended that the Board authorised officers to develop a decision-making framework to support future decisions and give officers the licence to discuss more sustainable means of investment with prospective applicants beyond grant interventions.

RESOLVED – That the Board approve:

i)      Progression of “D0004 – R&D 2025” to full approval and award of £4.8m grant to a Sheffield based company subject to funding being available and the conditions set out in the Assurance Summary at Appendix A1.

ii)     Progression of “D0011 – Manufacturing, Research and Development” to full approval and award £2m grant and £3.2m loan to a company looking to locate in South Yorkshire, subject to funding being available and the conditions set out in the Assurance Statement at Appendix A2.

iii)     Progression of “D0003 – Accelerate” to full approval and award of £1.98m grant to a Rotherham based company, subject to funding being available and the conditions set out in the Assurance Statement at Appendix A3.

iv)    Progression of “West Doncaster Active Travel” from OBC to FBC and release of development cost funding up to £0.05m to Doncaster Borough Council, subject to the conditions set out in the Assurance Summary attached at Appendix B1.

v)     Progression of “050 Sheaf Valley Route” from OBC to FBC and release of development cost funding of up to £0.05m to Sheffield City Council, subject to the conditions set out in the Assurance Summary attached at Appendix B2.

vi)    Progression of “City Centre to Attercliffe and Darnall Active Travel” from OBC to FBC and release of development cost funding up to £1.2m to Sheffield City Council subject to the conditions in the Assurance Summary attached at Appendix B3.

vii)    Progression of “Park Hill Phase 4” project from OBC to FBC to Sheffield City Council subject to the conditions set out in the Assurance Summary attached at Appendix B4.

viii)      Commitment of Gainshare funding to support schemes 1-3 presented that cannot be progressed from the residual LGF allocation.

ix)       Development of a decision-making framework to support consideration of future investments.

x)       Delegated authority be given to the Head of Paid Service in        consultation with the Section 73 and monitoring officer to enter into      legal agreements for the schemes covered above, subject to funding    being available.