Issue - meetings

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

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.

Cabinet considered proposals for the investment and governance of the economic infrastructure fund (EIF) for the City of York Council.

This strategic investment fund of £28.5m over 5 years would be used to unlock progress towards the council priority of creating jobs, and growing the economy and would be administered in coordination with the Delivery and Innovation Fund. It was intended to use the Fund strategically to gain both public and private investment with the final decision on funding resting with the Cabinet.

Further information on the Funds principles, objectives, ambitions and criteria were set out at paragraphs 14 to 18 with details of future officer support, composition of the Fund and sources of funding, options on governance and consultation undertaken at paragraphs 32 to 53. 

The Leader outlined details of the fund which would facilitate economic growth and explained how bids would be received. Following concerns raised in respect of officer support for the fund, referenced in paragraph 34, he requested an amendment to the recommendation to commit funding to this post for an initial 18 month period.

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. ^1.

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