Issue - meetings

Meeting: 05/02/2019 - Cabinet (Item 68)

68 Invest to Grow Business Plan - 2019/20 pdf icon PDF 415 KB

This report accords with the Invest to Grow Fund scheme of delegation which included a requirement for Cabinet approval of an annual business plan to support the delivery of the Invest to Grow Fund Strategy.

 

Recommendation from the Cabinet Member for Property and Development

Additional documents:

Decision:

1.  Note the comments of the Audit and Accounts Committee held on 28 January 2019.

 

2.  Agree the Invest to Grow Fund business plan for 2019/20 as set out in the report.

Minutes:

The Cabinet Member for Property and Development introduced the report which set out the annual business plan to support the delivery of the Invest to Grow Fund Strategy.  He stated that by the end of 2018, £10 million of the Fund had been committed to support the new office accommodation for Eli Lilly.  Furthermore, there were 25 projects currently in the pipeline including a 160,000 sq ft new development requiring £10 million of financing and 3 housing developments.  He referred to comments made by the Audit and Accounts Committee and stated that he did not consider it appropriate for details of the housing scheme or minutes of the Invest to Grow finance meetings to be shared, however he would speak to the Chair of the Audit and Accounts Committee and attend the next meeting if possible.

 

Resolved: That Cabinet

 

1)  Note the comments of the Audit and Accounts Committee held on 28 January 2019.

 

2)  Agree the Invest to Grow Fund business plan for 2019/20 as set out in the report.

 

Reasons for the decision:

 

The approval of an annual business plan will support the delivery of the Invest to Grow Fund Strategy.  The Strategy supports the Council’s priority of improving economic vitality in addition to supporting the development of an effective and efficient council.