Decision details

The Goldthorpe towns commercial investment fund is an opportunity for businesses and or developers to apply for  a viability gap grant to facilitate new commercial  floor space and or for the re-purposing/bringing back into use existing commercial floor space as part of the Goldthorpe Towns Deal Fund programme. The fund will facilitate projects to be delivered  in the areas of Goldthorpe, Thurnscoe and Bolton on Dearne and will create new job opportunities.

Approval is required to support the award of the Goldthorpe Towns Commercial Investment Fund grant to businesses and or developers following a due diligence process.

RESOLVED that Cabinet:-

1.    Notes the actions taken to launch Project L and the process undertaken to assess the subsequent applications for CIF grant received from businesses; and

2.    Approves ‘in principle’ the release of CIF grant to those grant applicants successful in meeting the schemes robust assessment criteria and due diligence requirements, with final release of the grant being subject to the satisfactory conclusion of scheme clarifications, due diligence and contract negotiations; and

3.    Delegates authority to the Executive Director of Core Services in consultation with the Council’s Section 151 officer and Legal services to finalise the grant offer and contract terms to each applicant – noting that  any variation in the grant offer to either applicant would i) need to sit within the limits of delegated powers and ii) within the overall Towns Fund budget allocation for ‘Project L: CIF’; and

4.    Approve the virement of Town Fund budget allocations from the ‘Project L: CIF’ budget to support the delivery of the ‘Project K: New Access Roundabout’ and ‘in principle’ agreement to ‘Project D: Goldthorpe Housing’ projects, noting that acceptance of this action will still leave sufficient balances within the Project L budget to fully support scheme delivery and meet contracted outputs.