Agenda item

RESOLVED – That Board Members considered and approve:-

1.    Award of £121,000 grant to Company 99 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix A.

2.    Award of £100,000 grant to Company 100 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix B. 

3.    Award of £100,000 grant to Company 101 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix C. 

4.    Award of £167,252 grant to Company 102 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix D.

5.    Delegated authority be given to the Head of Paid Service in consultation with the S73 and Monitoring Officer to enter into legal agreements for the schemes covered in 1-4 above. 

A report was received requesting the approval for 4 schemes with a total value over all years of £488,252 and seeks delegated authority to be given to the Head of Paid Service in consultation with the S73 and Monitoring Officer to enter into legal agreements for the schemes.

The following schemes were presented for the Board’s consideration:-

BIF Approval - Company Ref. 99, Barnsley

A report was received to enable the Board to take a decision whether to support the proposal of a BIF (LGF) grant of £121,000 to a Barnsley based company to support a £1,200,000 project to relocate into the SCR.  The company, headquartered in the South East and operating in the security sector, requires larger and higher specification premises.

The move would create a Northern hub for the company and result in 35 jobs which equates to a cost per job of £3,474, considered acceptable value for money for the LGF investment.

BIF Approval – Company Ref.100, Rotherham

A report was received to enable the Board to take a decision whether to support the proposal of a BIF (LGF) grant of £100,000 to a Rotherham based company to support a £300k project to secure the development of innovation new software. The company operates in the IT sector and is seeking BIF investment to secure additional resources for R&D.

The investment will create 9 new jobs which equates to a cost per job of £11,758, considered acceptable value for money for the LGF investment.

BIF Approval – Company Ref.101, Sheffield

A report was received to enable the Board to take a decision whether to support the proposal of a BIF (LGF) grant of £100,000 to a Sheffield based manufacturing company to support a £1,606,000 project.  In response to securing a significant contract the company needs more production space which will be satisfied at a temporary site initially with later investment in existing production sites.

The investment will create 10 new jobs which equates to a cost per job of £10,288, considered acceptable value for money for the LGF investment.

BIF Approval – Company Ref. 102, Barnsley

A report was received to enable the Board to take a decision whether to support the proposal of a BIF (LGF) grant of £167,252 to a Barnsley based company to support a £445,572 project for a new production line facility, equipment and internal building works to support installation. 

The innovative company operates in the textiles sector.  The equipment will double output and ensure continuous production runs.

The investment will create 6 new jobs which equates to a cost per job of £25,810, considered acceptable value for money for the LGF investment.

RESOLVED – That Board Members considered and approve:-

1.    Award of £121,000 grant to Company 99 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix A.

2.    Award of £100,000 grant to Company 100 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix B. 

3.    Award of £100,000 grant to Company 101 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix C. 

4.    Award of £167,252 grant to Company 102 subject to the conditions set out in the Appraisal Panel Summary Table attached at Appendix D.

5.    Delegated authority be given to the Head of Paid Service in consultation with the S73 and Monitoring Officer to enter into legal agreements for the schemes covered in 1-4 above.