Agenda item

The Portfolio Holder for Growth and Prosperity (and Deputy Leader) to submit a report seeking approval to enter the relevant grant agreements and accept the funding.

 

To follow.

(1)  Cabinet APPROVED acceptance of the following revenue fund grants funding:

 

a.            £100,000 revenue fund for Food Enterprise Centre Stage 2 - building upon evidence case

 

b.            £100,000 revenue fund for  the Provision of Melton Borough 

Health and Leisure Park Stage 1 - project development phase;

 

(2)  Cabinet Approved acceptance of  the conditional offer of £500,000 capital fund grant for the Development of Council owned sites and NOTED that Cabinet and Council approval for inclusion in the capital programme and release of funding would be sought following the preparation of a detailed business case;

 

(3)  Cabinet ACKNOWLEDGED the conditional offer of £2m large capital fund grant for Melton Borough Health and Leisure Park and NOTED that Cabinet and Council approval would be sought following the preparation of a detailed business case;

 

(4)  Cabinet DELEGATED authority to the Director for Growth and Regeneration to appoint consultants to prepare relevant information required to meet the grant conditions using the grant and match funding.

Councillor Leigh Higgins, Portfolio Holder for Growth and Prosperity (and Deputy Leader) introduced the report, which sought approval to enter the relevant grant agreements and accept the funding.

 

Pranali Parikh, Director for Growth and Regeneration gave a brief summary of the report, highlighting that that this was a positive step forward for delivery of the Council’s key priorities and key strategic regional projects from the Corporate Plan.  The Council had been successful in receiving funding from Leicester and Leicestershire Enterprise Partnership (LLEP) for three major regeneration projects:

 

       i.        Food Enterprise Centre – work on this project had been undertaken over the past year through funding from various sources and in partnership with the University of Nottingham.  It would be key to advancing Melton’s ‘Rural Capital of Food’ title.  The total amount of funding for this project was £200k (£100k business rate pool grant and match funding of 50k from the Council’s regeneration reserves and £50k officer time).  The funds would be used to progress the project.

      ii.        Development of Council Owned Sites – again, the Council had been working on this project for the past year to create jobs, homes, community facilities etc.  The total amount of funding for this project was £1m (£500k of business rate pool grant and match funding of £375k from the Council’s capital receipt reserves, £50k staff time and £75k, which had already spent over the past year).

    iii.        Melton Health and Leisure Park – this was a long standing aim of the Council and much work had been undertaken.  £100k of business rate pool grant funding would help secure the Council’s proposals, inform the next level of funding and accelerate delivery of the project.

 

During discussion the following points were noted:

 

·         Members thanked the Director for Growth and Regeneration and her team for their work.  It was important to look past the current Covid-19 emergency and give focus to shaping Melton’s economy and future. 

·         Food enterprise and food design were important to people and Melton could take credit for moving this forward.

·         Boosting the health and wellbeing of the community was important.

·         Asset owners would benefit from the development of Council owned sites because the value of their assets would increase with a healthy economy around them.  Appropriate sites for new housing, leisure and health provision needed to be explored.

·         Regeneration was a key element of the Corporate Strategy.  The projects would help fulfil the aspirations of the community.

·         The report was comprehensive, setting out opportunities and highlighting risks.

·         Any draw on capital receipts to support the development of Council owned sites would be subject to submission of detailed business cases to Cabinet for its approval.

·         The deadline for LLEP submission was 1 May.  Following this quarterly updates would be submitted to Cabinet.

·         Regeneration was crucial and delivery of the projects would be both exciting and challenging.

·         There was concern about capital receipts and the level of reserves decreasing (as identified in the report).  However, the business case would provide a better understanding of where the £375k capital receipt monies would be spent.  Delivery of this project would release assets for sale and would generate capital receipts.

 

DECISIONS (KEY)

 

(1)   Cabinet APPROVED acceptance of the following revenue fund grants  

 funding:

 

a.            £100,000 revenue fund for Food Enterprise Centre Stage 2 - building upon evidence case

 

b.            £100,000 revenue fund for  the Provision of Melton Borough 

Health and Leisure Park Stage 1 - project development phase

 

(2)  Cabinet Approved acceptance of  the conditional offer of £500,000 capital fund grant for the Development of Council owned sites and NOTED that Cabinet and Council approval for inclusion in the capital programme and release of funding would be sought following the preparation of a detailed business case;

 

(3)  Cabinet ACKNOWLEDGED the conditional offer of £2m large capital fund grant for Melton Borough Health and Leisure Park and NOTED that Cabinet and Council approval would be sought following the preparation of a detailed business case;

 

(4)  Cabinet DELEGATED authority to the Director for Growth and Regeneration to appoint consultants to prepare relevant information required to meet the grant conditions using the grant and match funding.

 

Reasons for the decision

 

As set out in the Council’s Corporate Strategy, there were a number of significant growth and regeneration projects identified as key priorities. Collectively, these projects provided an opportunity to deliver important benefits; creating jobs, homes and infrastructure for Melton’s communities.

 

The projects receiving Business Rates Pool (BRP) funding were specifically referenced within the Council’s Corporate Strategy.  The Council had invested in undertaking initial feasibility work on these projects and determined that further work and investment was required in order to take these projects to the next stage of delivery.

 

The objectives of these projects aligned well with the objectives of the funding and therefore acceptance of this funding presented a good opportunity for realising the Council’s ambitions for Melton.