Anthony Payne (Director for Place) submitted a written report on the Ocean Studios development at the Royal William Yard, which was a £4.06 million building project which could unlock £3.27 million public funding to create 1,900 square metres of affordable artists’ studios.

The report indicated how the delivery of the project would be facilitated by a capital contribution of £794,000 from the City Council’s Investment Fund and how the potential financial impact of the council acting as guarantor to a loan of similar value would be mitigated.

Councillor Evans (Council Leader) introduced the proposals and advised Cabinet Members that the council would be liable for any outstanding payments at the end of the 10 year loan period.

Patrick Bowes (Urban Enterprise Project Manager) also reported on the proposals.

Alternative options considered and reasons for the decision –

As set out in the report.

Agreed that subject to a favourable outcome to both the European Regional Development Fund and the Growing Places Fund applications and the approval of the City Council, the council agrees -