Issue - meetings

This report provides Cabinet with an update on the impact of the Economic Infrastructure Fund (EIF) to date and includes details of a new bid for EIF funding for the Acomb Community Economic Development project. 

Resolved:   That Cabinet agree to:

i)             Note progress made with EIF spending to date; and

ii)            Approve proposed spend of £30K in Acomb for the proposed Community Economic Development project, as detailed at Annex D of the report.

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

Members considered a report which provided Cabinet with an update on the impact of the Economic Infrastructure Fund (EIF) to date, setting out the high level impacts, spend and progress provided at paragraphs 10 to 29 and at Annexes A, B and C of the report.

Details of a new EIF bid for the funding of an Acomb Community Economic Development project was also reported and detailed at Annex D. The funding for core infrastructure for Front Street, Acomb was proposed as a catalyst for community led economic development in the area.

The Cabinet Members referred to concern at the lack of investment in the Acomb shopping area and to the proposed formation of a project team to work with traders to assist in the revitalisation of the area. With the initial establishment of this model in Acomb a roll out to other wards where economic underperformance was apparent was proposed, in the future.

Following further discussion it was

Resolved:   That Cabinet agree to:

i)             Note progress made with EIF spending to date; and

ii)            Approve proposed spend of £30K in Acomb for the proposed Community Economic Development project, as detailed at Annex D of the report. ^1.

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