Business Investment
To consider confidential recommendations
Additional documents:
Decision:
Purpose of the report
The report outlined the progress already made and the remaining works due to be completed on both Joint Venture partnerships. When completed the Joint Ventures will deliver:
· 680 new homes including 300 affordable.
· 2,720 Full Time Equivalent Employment Opportunities
· Over 790,000 Sq Ft of new industrial and employment space.
· £7.47 Million Financial Return to the Council.
· 5 new retail outlets including supermarkets, cafes and garage.
· Annual Business Rates of circa £2.1 Million.
· Estimated annual Council Tax Income of £1 Million.
· Creation of a new 20-acre linear park.
Reasons for the Recommendation
The report updates the Cabinet on the progress of two Joint Venture (JV) Regeneration Projects that the Council is completing with Grasscroft Seddons at Broadway Green and Langtree at Hollinwood Junction.
Options/alternatives considered:
None reported.
Decisions:
1. That Cabinet notes the progress made and outcomes achieved to date.
2. That Cabinet approves the acceptance of the final JV profit share to the Council from Broadway Green of £526,320 to be received in October 2024.
3. That Cabinet approves the financial subsidy control agreement to secure the inward investment into Plot369 at Broadway Green by Inspired Global Cuisine, and the creation of 700 jobs.
Minutes:
Consideration was given to the commercially sensitive information in relation to Item 10: Business Investment.
Resolved:
1. That the Cabinet notes the progress made and outcomes achieved to date.
2. That the Cabinet approves the acceptance of the final JV profit share to the Council from Broadway Green of £526,320 to be received in October 2024.
3. That the Cabinet approves the financial subsidy control agreement to secure the inward investment into Plot369 (detailed in the confidential report) at Broadway Green by Inspired Global Cuisine, and the creation of 700 jobs.