Decision Maker: Mid Suffolk Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Endorsement of submission of Freeport East Full Business Case and associated strategies and policies and to note the set-up of Freeport East Ltd and associated governance structure
It was RESOLVED: -
That the submission of Freeport East Full Business Case (FBC) be endorsed.
That the Assistant Director Economy & Regeneration and the S.151 Officer be given delegated authority in consultation with the Leader of the Council and Cabinet Members for Finance and Economy, to finalise the detail on the Freeport East FBC on behalf of Mid Suffolk District Council.
That the proposed incorporation model for Freeport East i.e. Company Limited by Guarantee be approved, and that Cabinet make a recommendation to Full Council on nominations for a MSDC director.
That a retained business rates policy be approved in principle.
That forward funding from the Growth & Efficiency Fund of £80,000 per year for 2 years in advance of retained business rates be approved.
REASON FOR DECISION
Achieving Freeport status for the G14 site and the wider Freeport East region will provide a unique opportunity for significant economic growth.
This once in a generation opportunity will leverage in substantial additional funding to support the delivery of G14 alongside providing investment in skills, infrastructure and investment projects in the wider area to support the Levelling Up agenda and provide opportunities for all and true inclusive growth for our communities.
Alternative Options Considered and Rejected:
2.1 Proceed as per recommendations to endorse submission of FBC and associated strategies and approve principle of business rates retention policy, support the set-up of a Company Limited by Guarantee and support the early years of the programme with a contribution towards a programme delivery fund in advance of retained rates being available. This is the preferred approach as it aligns to the decision process of other Freeport partners and ensures that Mid Suffolk District Council play an active role in the delivery of Freeport East. It will also support the designation and launch of Gateway14 (G14) as a Tax Site with the associated financial incentives for businesses.
2.2 The Cabinet could choose not to support the submission of the FBC. However, as the aspirations within the Freeport East proposal are closely aligned to the Council’s own strategic priorities and the FBC could be submitted without our express support, this would not be appropriate.
2.3 The Cabinet could choose to delay making a decision, however, the Government’s timeline for FBC submission is fixed. Delay could mean that the FBC is unable to be submitted on time or that it is submitted but without support from one of its key partners and owners of a Tax Site which could damage the FBCs chance of success and potentially limit access for potential tenants at G14 to key Freeport related incentives.
Any Declarations of Interests Declared: Councillor Whitehead declared a non-pecuniary interest in his role as Director of Gateway 14 Ltd.
Any Dispensation Granted: None
Publication date: 05/04/2022
Date of decision: 04/04/2022
Decided at meeting: 04/04/2022 - Mid Suffolk Cabinet
Effective from: 14/04/2022
Accompanying Documents: