Issue - meetings

Report by the Director of Communities, Economy and Transport

4.1       The Lead Member considered a report by the Director of Communities, Economy and Transport.

DECISIONS

4.2       The Lead Member RESOLVED to (1) Approve loan funding to the value of £1.75m to White Rock Neighbourhood Ventures Ltd to fund the delivery of the Observer Building Hastings (Phase 1) project, subject to the approval by the South East Local Enterprise Partnership (SELEP) Accountability Board;

(2)  Approve loan funding to the value of £1.75m to Rother District Council to fund the delivery of the Barnhorn Green Commercial and Healthcare Development project (Phase 1), subject to the approval by the South East Local Enterprise Partnership (SELEP) Accountability Board;

(3) Delegate authority to the Director of Communities, Economy and Transport and the Chief Finance Officer to agree the terms of, and enter into, the tripartite loan agreement with SELEP Ltd. and Essex County Council as the Accountable Body for SELEP Ltd., necessary to secure the funding;

(4) Delegate authority to the Director of Communities, Economy and Transport and the Chief Finance Officer to agree the terms of, and enter into the loan agreements, with White Rock Neighbourhood Ventures Ltd in relation to the £1.75m loan funding for the Observer Building and Rother District Council in relation to the £1.75m loan funding for the Barnhorn Green Commercial and Health Development; and

(5) Delegate authority to the Director of Communities, Economy and Transport and the Chief Finance Officer to approve the terms of any agreements and to take all other necessary actions in respect of recommendations 1 and 2 above.

Reasons

4.3       The development of the Observer Building in Hastings is vital to safeguard and develop the mixed use building in the town centre supporting the local area through addressing both social and economic difficulties. The Barnhorn Green commercial and health development project in west Bexhill is key to unlocking housing growth, jobs and primary healthcare expansion. Delivery of the surgery will also unlock and enable over 700 other dwellings in the immediate area. The availability of loan funding from the SELEP’s Growing Places Fund will enable the delivery of the first phases of both these developments.