Decision Maker: Mid Suffolk Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
It was RESOLVED: -
1.1 That Cabinet reviewed and noted the initial business case attached as Appendix A (confidential) including high-level development appraisal with initial costing estimates, revenue income opportunities and viability requirements, indicative costs of borrowing and latest version of the scheme design layout including an indicative schedule of accommodation.
1.2 That Cabinet noted the work to date on the operational management strategy and the findings and conclusions of the Respublica report (attached as Annex F1 of Appendix A - confidential)
1.3 That Cabinet endorsed the option to further develop a business case for a combined skills and innovation centre.
1.4 That Cabinet noted the forward funding of revenue spend from within existing budgets to complete the next stage of business case development work. It should be noted that where forward-funded revenue spend can be later capitalised it will be.
REASON FOR DECISION
To continue to explore and maximise the opportunities for the Council to lead the development of a new unique facility which offers skills development and entrepreneurship and innovation at Gateway 14 in Stowmarket. This leadership opportunity arises from the Council’s economic growth and strategic asset management functions, Gateway 14 site involvement including Freeport East designation and active skills and innovation sector partnerships.
This proposal seeks to meet the immediate and future skills needs of employers and workers in the local and wider sub-regional area and to address the significant skills gaps in the locality. It will provide bespoke services to address gaps in provision and add value to the regional economy.
The proposal meets many Council, local partnership and government outcomes but also creates the conditions to stimulate some new and exciting partnerships which enhance opportunities for local communities and provides a regionally significant centre in the town and within the Freeport area.
Alternative Options Considered and Rejected:
2.1 DO-NOTHING. Not Recommended. A ‘do-nothing’ approach will fail to explore an opportunity to deliver an innovative solution towards bridging long-term skills gaps in the sub-regional area. It will also fail to contribute towards strategic priority outcomes across a range of corporate and local growth plans and policies. It will not deliver against the masterplan vision or Freeport East opportunities for the wider Gateway 14 site.
Any Declarations of Interests Declared: None
Any Dispensation Granted: None
Publication date: 07/03/2023
Date of decision: 06/03/2023
Decided at meeting: 06/03/2023 - Mid Suffolk Cabinet
Effective from: 16/03/2023
Accompanying Documents: