Issue - meetings

This report asks the Council to agree the borrowing of £12million total against future capital receipts for a building (£8million) and car park (£4million) on the Southern Site of the Innovation Park Medway (IPM).

The report was considered by the Cabinet on 5 July 2022.

Background:

This report asked the Council to agree the borrowing of £12million against future capital receipts to fund a building (£8million) and car park (£4million) on the Southern Site of the Innovation Park Medway (IPM).

The report advised that IPM had been awarded a total of circa £10.3m external funding from the Government’s Local Growth Fund (LGF) and Growing Places Fund (GPF) through the Southeast Local Enterprise Partnership (SELEP) for the enabling infrastructure on the IPM site, in addition to the Council borrowing against future business rates.

The report stated that IPM was a priority project for Medway Council, which would provide over 60,000sqm of high-quality innovative business space on an area of land mainly within Medway Council ownership. The Delivery and Investment Plan, agreed by Cabinet in June 2019, had set out the approach to delivery of the site.

The report had previously been considered by the Cabinet on 5 July 2022. The Cabinet decision was set out at section 7 of the report.

The Portfolio Holder for Inward Investment, Strategic Regeneration and Partnerships, Councillor Rodney Chambers OBE, supported by the Portfolio Holder for Planning, Economic Growth and Regulation, Councillor Chitty, proposed the recommendations set out in the report.

Decision:

The Council agreed that the borrowing of £12million be added to the Capital Programme for the design and build of S1.1 and S1.2 (as set out in Appendix 1 to the report) to accommodate the anchor tenant (as set out in option 3.1.2 of the report).

Background:

This report asked the Cabinet to agree and recommend to Full Council the borrowing of £12million against future capital receipts and to undertake the detailed design and build for a building (£8million) and car park (£4million) on the Southern Site of the Innovation Park Medway (IPM). The Cabinet was also requested to delegate authority to oversee the design and build of the building and car park.

The report advised that IPM had been awarded a total of circa £10.3m external funding from the Government’s Local Growth Fund (LGF) and Growing Places Fund (GPF) through the Southeast Local Enterprise Partnership (SELEP) for the enabling infrastructure on the IPM site, in addition to the Council borrowing against future business rates.

The report stated that the IPM was a priority project for Medway Council, which would provide over 60,000sqm of high-quality innovative business space on an area of land mainly within Medway Council ownership. The Delivery and Investment Plan, agreed by Cabinet in June 2019 had set out the approach to the delivery of the site.

Reasons:

Medway will be kick starting development and pave the way for other developers to come forward. We are also retaining Medway businesses within Medway and allowing them to grow.