15.1 The Lead Member considered a report by the Director of Communities, Economy and Transport.
15.2 The Lead Member RESOLVED to: (1) approve loan funding, to the value of £1.15m to Eastbourne U10 Community Interest Company to fund the delivery of the Eastbourne Fisherman’s Quay project;
(2) approve loan funding, to the value of £0.12m to Charleston Trust to fund the delivery of the of the Charleston Centenary project, subject to the approval by the South East Local Enterprise Partnership (SE LEP) Accountability Board;
(3) delegate authority to the Director of Communities, Economy and Transport to agree the terms of, and enter into, the loan agreement with Essex County Council as the SE LEP’s accountable body, necessary to secure the funding; and
(4) delegate authority to the Director of Communities, Economy and Transport to approve the terms of any agreements and to take all other necessary actions in respect of recommendations 1 and 2 above.
15.3 The development of the Eastbourne Fisherman’s Quay is vital to the long term viability of the local fishing fleet and safeguards over 70 local jobs. Because of the grant award from the European Maritime and Fisheries Fund the risk of default on repayment is low and considered a safe investment. The loan to the Charleston Trust is key to unlocking a secure long-term revenue source.