Issue - meetings

 Reportby AlistairCunningham, Corporate Director

 The Leader presented the report which sought authorisation for the submission of the full application to European Structural and Investment Fund (ESIF) with £500k match funding provided by borrowing from the Public Works Loan Board.

Resolved

To approve borrowing £500k from the Public Works Loan Board to match against £500k secured through European Structural and Investment Fund (ESIF) to refurbish an extension at the Old Fire Station Enterprise Centre in Salisbury enabling the previously approved business case to progress to delivery.

Reasons for Decision:

Funding for this project has been sought through an initial application to the Growing Places Infrastructure Fund (GPIF) which was not awarded, on the recommendation of the Section 151 officer, advising that funds could be borrowed more cheaply elsewhere.

A subsequent application was made to the European Structural and Investment Fund for an amount of £500k– to be matched by the applicant / partners 50:50 (total project value £1m). This has passed the first stage and has now proceeded to full application.

Cost effective borrowing of £500k from the Public Works Loan Board would match £500k secured through European Structural and Investment Fund (ESIF).

Cabinet approval is sought as Council funding through the Public Works Loan Board is required to realise the business case for the extension of the Old Fire Station Enterprise Centre.