Decision Maker: Babergh Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Approve business case for feasibility and survey work, subject to appropriate economic priorities
14.1 The Leader advised that following consultation before the meeting this item does not have to confidential, however Appendix A remains confidential.
14.2 The Cabinet Member for Economic Growth, Councillor Holt, introduced the report which sets out the proposed plans for the project.
14.3 Councillor Holt moved the recommendations in the report. These were seconded by Councillor Busby.
14.4 In response to a question from Councillor Ward regarding funding for the feasibility work, the Regeneration and Capital Projects Manager advised that a bid had been submitted for funding from the transformation fund.
14.5 Following a question from Councillor Arthey, the Assistant Director for confirmed that the use of the land was restricted to business use.
14.6 The Assistant Director confirmed to Members that the figures provided in the report included the cost of the feasibility study.
14.7 Members discussed the options detailed in the report and expressed a preference for option 3.
It was RESOLVED:-
1.1 That the high-level business case and options appraisal attached as Appendix A of the report be considered.
1.2 That option 3 was agreed to be the Cabinets preferred option and should be progressed as priority, as the best strategic fit for the Council.
1.3 That the Assistant Director for Economic Development and Regeneration be authorised to progress with the detailed development of a viable scheme and business case, to best achieve strategic regeneration priorities from the Council’s investment, to be reported back to Cabinet on a final preferred scheme for authorisation for capital funding and construction.
1.4 That up to £100,000 be authorised to undertake in 2021/22 the necessary site diligence and preliminary marketing work including surveys, costs and ground investigations, detailed design concept work-up and retail agent fees.
1.5 That, subject to the detailed reporting back to Cabinet as required by recommendation 1.3, Cabinet agreed ‘in principle’ support for the scheme up to a cost envelope of £2.25m of borrowing within the Capital Programme for 2022/23 to deliver the scheme.
Reason for Decision: The Council has secured a small parcel of employment land which it can directly invest in to address market failure and develop as a viable scheme to provide needed workspace, employment opportunities and support for the local community of Hadleigh and surrounding area.
Publication date: 09/06/2021
Date of decision: 08/06/2021
Decided at meeting: 08/06/2021 - Babergh Cabinet
Effective from: 17/06/2021