Decision details

Purpose of Report: To present proposals for Cabinet decision on Economic Infrastructure Fund (EIF) investment. Members are asked to approve the proposed spend.

Resolved:  That Cabinet agree to:

(i)           Approve Economic Infrastructure funding (EIF) of £175k for the Hungate Public Realm project, pending appropriate consultation with residents and businesses in the area, and with the intention that detailed plans for the development will be brought back to Cabinet in due course for final sign off. 

(ii)          Approve in principle and subject to business case, the £75K from the EIF to support development of the Biovale cluster.

(iii)        Delegate responsibility to the Council’s Chief Executive and Director for Customer and Business Support Services (and CYC’s s151 Officer) for receiving the business case for this funding when it is prepared, and if approved, releasing the £75K for spend.

Reason:     To approve investment required to create a world class quality destination in and around Hungate as a vital gateway to the city centre and to support development of the Biovale innovation cluster.