Issue - decisions

Resolved:  That Cabinet agree:

(i)           In principle the business case for the new company as set out at Appendix B of the report.

(ii)          In principle to support the formation of the new company subject to a business plan being approved by Cabinet in the Autumn.

(iii)        That the Council becomes sole owner of Science City York, on the basis of the business case set out, in confidential Appendix C, and subject to final financial due diligence with the final decision delegated to the Director of Customer and Business Support Services (CBSS).

(iv)        A one off financial contribution towards the set up costs of the new agency of £140k from a combination of the Transformation Fund (£90k) and contingency budget (£50k).

(v)         To delegate to the Directors of CBSS, Communities and Neighbourhoods and City and Environmental Services together with the Assistant Director, Governance and ICT, in consultation with the Leader and Cabinet Member for Finance and Performance, the authority to finalise the detailed arrangements for the formation of the company, specification and governance arrangements, and to enter into all necessary legal agreements.

Reason: To provide full information on the proposals in order to progress establishment of the company in an effort to improve efficiency, cost effectiveness and business investment in the city.