Decision details

Purpose of Report: To set out the investment case for York Central and seek commitment of funding to the Enterprise Zone.

Members will be asked to consider the investment case.

Resolved:  (i)      That £1m of additional business rates income from the 2018/19 business rates pilot be allocated to the Venture Fund.

                   (ii)      That approval be given to use up to £3m of the Venture Fund to finance early years deficits on the revenue costs of borrowing related to the £35m City of York Council contribution, to be repaid from future Enterprise Zone receipts.

                   (iii)     That prudential borrowing of £35m be agreed, financed from future retained business rates as part of the York Central Enterprise Zone, plus in early years the use of Venture Fund referred to in (ii) above.

Reason:     To ensure the delivery of York Central and to provide funding for enabling infrastructure, including a new access route to York Central, within the timescale of available grant funding.