5.1 The Lead Member considered a report by the Director of Communities, Economy and Transport.
5.2 The Lead Member RESOLVED to (1) Approve loan funding, to the value of £1.62m to White Rock Neighbourhood Ventures Ltd as the project delivery body to fund the delivery of the Observer Building Hastings (Phase 2) project, subject to the approval of the business case by the South East Local Enterprise Partnership (SELEP) Accountability Board and the provision of the loan by SELEP Ltd to the County Council for the funding;
(2) Delegate authority to the Director of Communities, Economy and Transport to agree the terms of, and enter into, the loan agreement with SELEP and Essex County Council as the Accountable Body for SELEP Ltd., necessary to secure the funding;
(3) Delegate authority to the Director of Communities, Economy and Transport to agree the terms of, and enter into, the loan agreement with White Rock Neighbourhood Ventures Ltd in relation to the £1.62m loan funding for the Observer Building; 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 to 3 above.
5.3 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. Previous Growing Places Fund loan funding of £1.75m and £1.71m Getting Building Fund monies have been secured from SELEP and Government respectively to deliver Phases 1a and 1b of the project. As a prioritised pipeline scheme, the SELEP has allocated a further £1.62m from its recyclable Growing Places Fund to Phase 2 of the Observer Building project.