Issue - meetings

This report recommends the Council to approve the capital, resourcing and revenue requirements, as set out in section 8 and Appendix 5 of the Delivery and Investment Plan and to approve the addition of £14.5 million to the Capital Programme for the landmark building scheme as set out in paragraph 3.11 of the report.

Discussion:

This report provided details of Cabinet’s decisions on 9 July 2019 in relation to the approval of the Delivery and Investment Plan and associated decisions relating to the appropriation of land for planning purposes and disposal of land, in accordance with the constitutional requirement that Cabinet decisions relating to land and property transactions over £500,000 must be reported to the next Council meeting for information.

The report also sought approval to the capital, resourcing and revenue requirements as set out in the Delivery and Investment Plan which would ensure sufficient investment would be made to deliver Innovation Park Medway as a high quality, innovative employment site.

An exempt appendix provided financial details set out in the Delivery and Investment Plan.

The Leader of the Council, Councillor Jarrett, supported by the Portfolio Holder for Strategic Regeneration, Inward Investment and Partnerships, Councillor Rodney Chambers OBE, proposed the recommendations in the report.

Decision:

a)    The Council approved the capital, resourcing and revenue requirements as set out in section 8 and Appendix 5 of the Delivery and Investment Plan set out in Appendix C to the report.

b)    The Council approved, in the first instance, the addition of £14.5M to the capital programme for the landmark building scheme as set out in paragraph 3.11 of the report.

c)    The Council noted that approval will be sought for further additions to the capital programme as the remaining two detailed schemes set out on section 7.1 of the Delivery and Investment Plan set out in Appendix C to the report are formulated.

Background:

This report provided details of the Innovation Park Medway (IPM) Delivery and Investment Plan (DIP) which formed the basis for investment in the IPM to ensure the site would come forward as a high quality, innovative development in the high-value technology, engineering, manufacturing and knowledge-intensive sectors.

The report stated that the DIP had been produced to consider and make recommendations for site development options, the procurement approach, capital interventions and revenue support over future phases and strategic investment through business rates income. The DIP made a number of recommendations to realise the vision for the IPM and to accelerate delivery of the site.

An Exempt Appendix provided detailed financial information in relation to the DIP.

Reasons:

To ensure sufficient investment is made to deliver Innovation Park Medway as a high quality, innovative employment site.

To ensure the right occupants are selected to realise the quality ambitions for the IPM, and land or disposal arrangements do not pose a risk to delivery at pace.

To stimulate delivery at pace and accelerate business income receipts and sale of plots.

This will allow Medway to maintain control of the development of the IPM, allowing it to be transformed into an area of prime, high quality commercial development.

Cabinet and Council will be asked to approve further additions to the capital programme, as the detailed schemes are formulated.