Decision details

Purpose of the Report: This report sets out proposals for the investment and governance of the economic infrastructure fund (EIF) for the City of York Council.

Members are asked to: Consider the proposed objectives, priorities and governance for the EIF, note investment already committed to Access York in the form of £2.5m and agree £375K as recommended for officer capacity to deliver the Fund over 5 years (i.e. £75K per annum)

RESOLVED:             That Cabinet

i)             Approve the proposed objectives, priorities and governance for the Economic Infrastructure Fund.

ii)            Note progress to develop business cases for projects to support the Reinvigorate York theme and the scoping of the opportunity to open the Economic Inclusion theme to external parties.

iii)           Approve £430k as recommended for officer capacity to deliver the Fund over 5 years, with commitment of funding for 18 months in the first instance subject to review of the external funding generated, prior to continuation.

REASON:                  To support the Council Plan priorities of creating jobs and growing the economy and investing in the city’s economic future.