Decision details
URBAN ENTERPRISE: NEW ENTERPRISE UNITS AT OCEAN STUDIOS
Decision Maker: Cabinet
Decision status: Information Only
Is Key decision?: Yes
Is subject to call in?: Yes
Decisions:
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 -
to act as guarantor for Ocean Studios Community Interest Company (CIC)for repayment of the balance of the Trust’s loan from the LEP outstanding to a maximum of £794,000 in accordance with an agreed Heads of Terms between Plymouth City Council and the Ocean Studios CIC which mitigates the potential financial impact upon the council. Authority to agree the Heads of Terms to be delegated to the Director for Place;
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to make a capital contribution of £794,000 from the Investment Fund. |
Publication date: 09/08/2013
Date of decision: 06/08/2013
Decided at meeting: 06/08/2013 - Cabinet
Effective from: 17/08/2013
Accompanying Documents: