Issue - meetings

This report sets out three proposals for Economic Infrastructure Fund allocations, the first for representation at Le Marché International des Professionnels de l’immobilier 2013; the second for City Centre Holiday Footfall Measures and the final for an Arts Barge project; as well as an update on EIF spend to date.

RESOLVED: That  Cabinet agrees to:

·        Approve the EIF allocation of £25k for CYC to be represented at MIPIM 2013, along with private sector partners

·        Approve the EIF allocation of £25k required by the Arts Barge project to secure a boat and to delegate responsibility to the Director of CBSS to make 3 further stage payments of £25k pending a due diligence review of Arts Barge Project Business Plan ;

·        Approve the EIF allocation of £34.5k required to fund the City Centre Holiday Footfall Measures.

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

Consideration was given to a report which set out details of the following Economic Infrastructure Funding allocations, providing the rationale for investment together with an analysis of the proposals :

·        Le Marche International des Professionnels de l’immobilier (MIPIM) 2013, for attendance at an international property fair, detailed at paragraphs 2 to 28 - £25k

·        City Centre Holiday Footfall Measures, detailed at paragraphs 29 to 44 and in the revised report circulated - £34.5k

·        Arts Barge, detailed at paragraphs 45 to 60 - £100k

The total EIF spend to date and under consideration would amount to £12.124m with £16.376m of the budget remaining, and full details set out at Annexes A and B of the report.

Updated information, which had been published online, proposed the following revisions to the City Centre Footfall Measures:

·        The package would include free evening parking on Thursdays combined with free Park and Ride services, and one day’s free parking at CYC city centre car parks on Boxing Day (totalling £34.5k)

·        The provision of free parking on the four Thursdays had been estimated at £4k, free parking on Boxing Day at £10k and free evening Park and Ride Services after 6pm an £2k.

·        The above package would revise total EIF spend to date and under consideration to £12.122m, £2.152 of which was revenue and £9.970m capital, with £16.378m of the EIF budget remaining.

·        It was recommended that £34.5k of the EIF allocation was used to fund the footfall measures.

In answer to earlier representations, the Cabinet Member referred to the five criteria that all proposals were required to meet, prior to consideration for funding, and to Government support for economic growth.

RESOLVED: That  Cabinet agrees to:

·        Approve the EIF allocation of £25k for CYC to be represented at MIPIM 2013, along with private sector partners

·        Approve the EIF allocation of £25k required by the Arts Barge project to secure a boat and to delegate responsibility to the Director of CBSS to make 3 further stage payments of £25k pending a due diligence review of Arts Barge Project Business Plan ;

·        Approve the EIF allocation of £34.5k required to fund the City Centre Holiday Footfall Measures. ^1.

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