Issue - meetings

This report sets out proposals for the funding of four projects through the Economic Infrastructure Fund (EIF). Members are recommended to consider and approve the allocations.

RESOLVED:     i)      That Cabinet approves the following allocations from the Economic Infrastructure Fund:

·      £200K for Reinvigorate York scheme

·      £80K for Targeting Growth in Key High Value Sectors

·      £50K for Tour de France campaign

    ii)     That Cabinet approves in principle the following scheme, subject to sign off of the business case, governance, terms on the preferred site, and full due diligence being completed, to include a further detailed report back to Cabinet for final approval:

·       £1.4m for Digital, Media and Cultural Centre

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

Consideration was given to a report which set out proposals for the funding of four projects through the Economic Infrastructure Fund (EIF).

The following projects and funding were considered at the meeting, and an overview of each project was detailed at paragraphs 12 to 50 with a summary at Appendix 1 of the report:

Reinvigorate – Initial Package of Projects £200,000 (grant)

Digital Media Cultural Centre (DMCC)               £1,400,000 (loan/grant)

Tour de France Campaign                                         £50,000 (grant)

Targeting Growth in key sectors                                 £80,000 (grant)

 The principal options open to Cabinet members were to:

·          Approve the three projects – Reinvigorate York, Targeting growth in key high value sectors and Tour de France campaign; and approve in principle the DMCC project subject to business case sign off.

·     Approve a mix of projects

·     Reject all projects

Officers expanded on the individual projects and funding reported on the gross value added impact of each. 

Member questions various aspects of the projects welcoming the prospect of investment to create economic growth and jobs.

RESOLVED:     i)      That Cabinet approves the following allocations from the Economic Infrastructure Fund:

·      £200K for Reinvigorate York scheme

·      £80K for Targeting Growth in Key High Value Sectors

·      £50K for Tour de France campaign ^1.

    ii)     That Cabinet approves in principle the following scheme, subject to sign off of the business case, governance, terms on the preferred site, and full due diligence being completed, to include a further detailed report back to Cabinet for final approval:

·       £1.4m for Digital, Media and Cultural Centre ^2.

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