Issue - meetings

This report sets out proposals for funding the following projects from the Economic Infrastructure Fund:

·        Public realm investment at Hungate

·        Biovale

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.

Consideration was given to a report which set out proposals for funding the following projects from the Economic Infrastructure Fund (EIF):

·        Public Realm Investment in Hungate - £175k

·        Biovale cluster, University of York/Biorenewables Development Centre - £75k

Further details of the business cases in relation to the two projects were set out in Appendix A to the report. It was noted that both projects provided deliverability, value for money and met the Council’s priorities of creating jobs and growing the economy.

Members confirmed that the allocation of funding for improvements to the public realm in the Hungate area would be additional to any planning gain received from the Hiscox development.

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. ^1.

(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. ^2.

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.