Meeting documents

EE/15/1

Cabinet

13 February 2015

Okehampton East Business Park: Implementation Phase

Report of the Head of Economy and Enterprise

Recommendation:

(a) that the progress made in the last 12 months to bring this strategic employment site forward is noted;

(b) that agreement is given for NPS to be instructed to enter into negotiations to dispose of plots, in line with the Marketing and Disposals Strategy without further referral to Cabinet;

(c) that the earmarked sum of 250,000 from the Infrastructure Development Fund, be allocated to this Project;

(d) that approval be given to the total scheme estimate of 2,636,106.

1. Summary

This report provides an update on recent progress with the Okehampton East Business Park scheme and requests Cabinet support to move into the implementation phase, which will unlock a strategic employment site, in order to drive economic growth in a priority town through supporting continued and sustained economic recovery and resilience following the high profile business closures in recent years. The development has the potential to support over 450 direct jobs and facilitate the development of a parkway style railway station in Okehampton, which has come into focus following the winter storms of 2014. Demand for the employment land remains high with a number of high profile enquires received.

2. Background

Okehampton East Business Park (formally known as Opportunity Okehampton) is a circa.8.6 hectare site (22 acres) previously owned by the former Regional Development Agency (RDA) and purchased by the County Council in 2011. The site is situated approx. 1.8km to the east of Okehampton, in a sensitive location just 200 metres north of the Dartmoor National Park boundary. Physically, the site is greenfield in nature and has a relatively steep gradient running in a north south direction. The site was very recently classified by the Environment Agency as being within a critical drainage area.

The site has an extensive planning history with permission for commercial uses dating back to 1991. Outline planning permission was last granted for commercial uses in 2006, but this lapsed prior to the County Council taking ownership of the site. The site is therefore the subject of a current outline application by the County Council for office, light industrial and warehouse/distribution uses (defined by planning use classes B1, B2, B8) with full approval sought for a new access spur road and plot levels. The planning application is being determined under delegated authority by West Devon Borough Council without referral to planning committee. A decision is anticipated by the 13th February.

The site does benefit from an existing estate road and partial drainage system completed in 2008 by the RDA, prior to purchase of the site by the County Council. At the same time, the RDA with West Devon Borough Council, developed the Okehampton Business Centre on the adjacent land which is successful and is close to full occupancy.

The site as a whole is allocated for employment use in the Local Development Plan and forms a key part of a wider eastern urban extension of Okehampton, as well as vital 'grow on' space for existing local businesses wishing to expand.

The County Council, led by the Economy & Enterprise Service, has been working with its appointed consultants, Jacobs, Joint Venture Partners NPS and the County Council's Engineering Design Group (EDG) to bring the site forward to help tackle current challenges within the local economy and future-proof employment land provision in order to deliver business growth and job creation outcomes.

This work supports multiple aims of the 'Prosperous' theme of the Strategic Plan, and the Strategy for Growth (adopted in May 2013) which directly refers to the Okehampton East Business Park Scheme as delivering on the role that the Authority has in "investing to secure the right infrastructure for business, including a range of employment space to suit the needs of Devon's businesses" as well as to support the development of appropriate workforce skills and better employment opportunities for residents.

3. Economic Conditions in Okehampton

In recent years a number of high profile closures led to a significant number of redundancies in the Okehampton area. The closure of Polestar, Kerry Ingredients, Wiseman and Brown resulted in almost 440 job losses to the town, representing 6% of employment and approximately one third of all manufacturing jobs in the travel to work area, and particularly affected the vitally important food and drink sector. This in turn led to a substantial increase in Job Seekers Allowance claimants and a decline in trade within the town and supporting supply chain.

Recent economic data suggests that the local economy has made a reasonable recovery, with JSA claimant levels in Okehampton now below the national rate, but still somewhat high for the local area (1.9% GB; Okehampton 1.3%; West Devon 0.6%). However, wages remain low (c.78% of the national average) and the range of job opportunities available locally, particularly high quality employment, remains limited.

The economic argument for intervention in this site relates primarily to economic growth, diversification and future proofing of the local economy through:-

• supporting the growth and expansion of local businesses constrained in town centre locations or other existing local industrial estates which are operating at or close to full capacity (ensuring the safeguarding of local jobs);
• bringing forward a key strategic employment site to support the planned significant urban expansion to the town and free up town centre sites for residential use;
• attracting new employers to the area with potential to create higher quality employment opportunities;
• enhancing the Okehampton employment space portfolio to enable the area to better compete with its key competitors along the A30 corridor, such as Launceston;
• mitigating against the risk of further employers pulling out of the town due to a lack of suitable quality employment sites,
• Intervening where the private sector is unlikely to do so due to viability issues.

It is also important to take into account the significant public investment made in this site to date, and the evidence of continued demand from the business community to take space (even ahead of any formal marketing).

With the potential to create and safeguard over 450 jobs and generate additional indirect & induced jobs, the development of the East Okehampton Business Park will provide the foundation for supporting economic growth both at a local and regional level.

4. Proposals

4.1 Scheme Outline & Phasing

Since taking ownership of the site, the County Council has achieved significant progress, including:

development of a revised master-plan for the site for the creation of approximately 12 acres of net developable employment land across 7 plots (A-G on attached plan, Appendix 1 Drawing B12017/1C);

detailed survey work covering all aspects of development (ecology, archaeology, geo-technics, flood-risk etc.);

a fresh planning application for mixed employment uses (B1, B2 & B8) (decision expected mid February 2015), and reservation of approximately 4 acres for potential rail station development;

detailed designs and estimated costs for site preparation, servicing and structural landscaping to pave the way for development of the plots on the open market;

draft marketing and disposals strategy;

soft market testing to establish demand and capacity within existing employment sites within the town;

liaison with interested parties to determine appetite, space requirements and ability to acquire land.

It should be noted that the original scheme included a car park to serve a potential future railway station in this location. In agreement with the Borough Council this element was excluded from the final planning application redline boundary, but the land in question, also in the County Council's ownership, has been reserved should this development come forward in the future. Please refer to appendix 2 (Drawing no. 0.54/7(1-1)) which shows the reserved rail land edged in blue (triangular piece of land).

The masterplan (appendix 1) has evolved to maximise the developable area, work with the existing infrastructure on the site and minimise costs for new servicing and plot preparation. This has resulted in the masterplan being split into 2 phases. The first phase is approximately 7 acres in size and split into 5 plots referenced as A, B, C, D and G. Phase 1 occupies the flatter parts of the site and key road frontages. The second phase is 4.4 acres, subdivided into 2 larger plots E and F which have a steeper gradient.

As a result of the most recent appraisals of demand, costs and achievable values, and the options available, it is recommended that the County Council brings forward levelled, serviced and landscaped plots on A, B, C, D and G (Phase 1) with plots E and F either reserved for a future phase (Phase 2) or left as flexible employment land for businesses who require a larger site and would be willing to work across varying levels. Phase 2 would therefore be promoted and sold on the basis of incurring no additional preparatory cost.

The scheme is now at a point where it can enter the construction phase, subject to Cabinet approval and a satisfactory tender process being concluded at the end of March 2015.

4.2 Stakeholder Support & Market Interest

A high degree of community and stakeholder support exists for the scheme. An overwhelmingly positive public consultation was held in April last year and virtually no objections received to the planning application. Encouragingly there is evidence of continued commercial interest in the site ahead of formal marketing of the Scheme. NPS have undertaken a number of soft marketing exercises which have established 11 potential leads and a number of these have maintained a keen interest in the Scheme. These include a pet food manufacturer and fuel supplier and distributor. The interest recorded is predominantly from local businesses in the Okehampton and mid Devon areas. Some wish to move from town centre sites, which are now considered to be too small and constrained in terms of expansion and traffic congestion. The main drivers given as reasons for relocating to Okehampton East Business Park reflect its strengths:

• its availability in their preferred location of Okehampton;
• location close to the A30 trunk road network;
• larger sites available; and
• away from congested town centre.

The most recent enquiry has been from 2 hotel chains expressing an interest in Plot A at the gateway to the site. This requires further testing with the Borough Council as a hotel would fall outside the commercial uses that form the basis of the current application and masterplan. The Borough Council as local planning authority have also expressed concern on the impact a sensitive use could have on the manufacturing and industrial interest in the site.

Once the planning permission has been secured, more formal promotion of the Scheme, both nationally and locally, and negotiations with interested parties will commence, in line with the marketing and disposals strategy (appendix 3).

4.3 Timeframe

The planning application process has taken considerably longer than originally anticipated primarily due to the time taken to determine and agree acceptable drainage and landscaping solutions that take full account of the challenging economics and the environmental constraints. In addition, the internal reorganisation at West Devon Borough Council has had an impact on the progress made with consideration of the scheme. However, the extended time period has been used proactively to submit additional information, such as an Archaeological Working Scheme of Investigation, ahead of consent which has reduced the number of pre-commencement planning conditions that will need to be discharged before starting on site. Planning permission is now imminent and it is envisaged a positive outcome can be reported at the Cabinet meeting.

EDG are currently preparing a tender pack and have produced cost estimates for the work. This is to be tested in March/April through a competitive tender process. Subject to a successful tender, it is envisaged that works would start on site early in June 2015 thereby allowing the majority of the earthworks to be completed in the fairer months. EDG has allowed a period of 14 weeks for the main site preparation works, which would be followed by a separate 5 week contract to install the structural landscaping scheme, with completion in late 2015. Marketing of the site would commence in earnest following letting of the contract and would run in parallel with the physical works enabling the first disposals to take place in the winter of 2015.

Figure1.1 Indicative timeline

Cabinet Approval Feb 2015

Commence Marketing March 2015

Tender received April 2015

Contractor appointed June 2015

Start on site July 2015

Construction complete October 2015

Landscaping contract complete December 2015

First plot disposal - Jan 2016

4.4 Marketing and Disposals

Once planning permission and Cabinet approval is secured, the site will be formally marketed through national publications such as Estates Gazette and Rightmove Commercial as well as local press. Details will also be sent to all those who have previously expressed interest in the development.

It is proposed that disposals will be via informal tender on a freehold basis, subject to compliance with the planning permission secured by the County Council. All bidders will be expected to provide the following information in support of their bid for a particular Parcel or Parcels:

Financial offer;

Financial references confirming ability to proceed;

Proposed use of the site;

Details of current business location and employment data if relevant. Confirmation of staff relocating with business or new employment created by development;

Conformity with the new outline planning permission for B1, B2 and B8 uses. These are offices, research and development and light industry; other industrial processes; and use for storage or distribution centre;

Size and height of buildings to be erected on the site together with details of materials; and:

Car parking and other parking to be provided.

All bids received will be considered against the following criteria:

o Financial offer;

o Ability to proceed;

o Use within the outline planning permission; and

o Employment creation and/or security of current employment.

Consideration will have to be given to the existing business support centre when making any disposals. Each plot purchaser will have to prepare and submit a reserved matters planning application, so each disposal will be made on a conditional basis subject to contract.

A copy of the draft marketing strategy is included within appendix 3.

5. Future County Council Involvement

The vision is that the County Council minimises its interests in the site as far as possible through:

freehold disposal of plots, parcelled in such a way as to minimise communal areas

adoption of foul and service water drainage system by South West Water (SWW).

It is envisaged that the County Council as Highway Authority will adopt the estate roads.

A service charge regime will be established for maintenance of communal areas remaining in the County Council's ownership. These will include:

the attenuation ponds to the south of the site

structural landscaping which falls beyond the perimeter of development plots

retained land for future railway station development

A Management Company will be appointed and funded through the estate management service charge. A 5 year aftercare contract for the landscaping is included within the contract and costed in section 7.

6. Consultations/Representations/Technical Data

The most recent public consultation was conducted in April 2014 through a public exhibition on site. This was well attended with 100 visitors and produced an almost unanimous positive response regarding the need for new, serviced employment land within the town, and the positive economic impact it would have given the loss in recent years of some significant employers - giving an opportunity for new businesses to locate as well as providing land for existing businesses wishing to expand.

As detailed in 4.2. above, NPS have a database of 11 interested businesses mostly local businesses wishing to expand to the site. Several of these are in regular contact regarding progress with the Scheme and are pushing for it to move forward.

The Cabinet Member for Economy & Growth and Local Member for Hatherleigh and Chagford as well as neighbouring Okehampton Rural have been kept informed of progress predominantly via email updates. In addition, Mel Stride MP visited the site in August last year expressing his support for the Scheme in recognition of the economic benefit. Continued political support for the Scheme has therefore been expressed.

7. Financial Considerations

7.1 Costs

Based on a detailed cost plan and bill of quantities with input from EDG, Jacobs and NPS, the cost of bringing phase 1 (excluding the site acquisition in 2011) of the scheme to market is 2,020,106. The cost comprises the following components:

Figure 1.2 Phase 1 Project Cost (excluding site acquisition)

Item	Cost
1.Construction of a new estate spur road, levelling and preparation of the plots for development	1,122,672
2.Provision of new services including gas, water, electricity and telecoms	250,000
3.Landscaping	57,937
4.Professional fees	200,000
5.Project contingency	389,497
Total	2,020,106

The cost of landscaping is significant for a development of this nature, which reflects the sensitive location and planning requirement to limit the visual impact. Further, there is a high cost associated with the provision of gas to the site, with the nearest connection being some 500m to the west and having to cross the Fatherford Bridge, where works are already currently underway to create a pedestrian footbridge which will allow safe pedestrian access from the town centre to the site and onwards.

A figure of 1,770,000 remains allocated within the capital programme, which includes a grant of a 190,000 awarded by the Regional Growth Network (RGN) in 2014. Combined with the earmarked 250,000 Infrastructure Development Fund allocation of 250,000, there is sufficient capital available for the proposed works, including a reasonable contingency. The costs of disposing of the plots of land will be met from the proceeds of sale in the first instance. The costs of marketing the site will be met from the Infrastructure Development Fund should sufficient resources be available once the development costs have been provided for.

It should be noted that the cost of construction as outlined above is based on a robust pre tender estimate prepared by EDG and not a competitively tendered contractor quotation. In the consideration of risk, EDG has advised that the cost has been calculated to reflect tendered rates from comparable projects around the County plus build cost inflation. Quotations are outstanding for a number of the utilities but informed estimates have again been provided by EDG and once planning permission is in place these will be finalised.

Figure 1.3 Total Phase 1 Project Costs:

Item	Cost
Site Acquisition including stamp duty and fees (2011)	616,000
Site preparation including all professional fees	1,630,609
Project contingency	389,497
Total	2,636,106

Figure 1.4 - Project Budget/Capital Programme Allocation

Budget Allocation	Amount
Spend in capital 2011/12	616,106
County Council budget 2014/15	811,000
County Council budget 2015/16	769,000
RGN - capital programme	190,000
Infrastructure Development Fund (to be confirmed)	250,000
Total	2,636,106

Costs expended to date include the site acquisition from the RDA in 2011 and ongoing professional fees from 2011 to January 2015 in preparing a strategy and securing an implementable planning permission. In addition to capital expenditure, professional fees incurred in the period between 2012-2014 were funded through the economy and enterprise revenue budget, totalling 255,000. The fees for 2014-15 and 2015/16 will be funded through the project's capital budget.

7.2 Value

An updated Valuation was carried out by NPS in October 2014 and has been tested for its continued relevance this January. The appraisal places a current valuation on the site of approximately 1,705,170.This value is split between the two phases as follows:

Phase 1 - 1,079,280

Phase 2 - 625,890

The above figures include a deduction to reflect site abnormal costs for individual plot attenuation across the development due to the critical drainage location.

The preferred option for bringing the site forward which balances the financial risk to the County Council against the reality of the need for public sector intervention in this location, is for a phased approach as described above with the site preparation, plot levels and servicing, structural landscaping (excluding phase 2) to be undertaken in Spring/Summer 2015.

As the site is located within a critical drainage area, there has been considerable work done by EDG to address the challenging issues facing the drainage design and to prepare a solution that meets the high standards required at the lowest cost to the County Council, whilst minimising the costs passed on to the eventual plot developers as far as is practicable. Once planning permission is secured, and with initial market interest already established, the Scheme can be promoted with a reasonable degree of confidence. The generation of capital receipts will be over a number of years, based on an incremental development strategy.

Figure 1.5 - Income generated from land sales:

Plot	Value
A	219,390
B	201,880
C	224,720
D	273,320
G	159,970
Sub Total Phase 1 Land Value	1,079,280
Potential Future development Phase 2	625,890
Sub Total Phase 2 Land Value	625,890
Total Phase 1 and 2	1,705,170

The projected income assumes a value which is constant per net developable acre across the development period and is anticipated to be achieved over a number of years. It should be noted that although a level of income has been assumed for Phase 2, this is on the basis of no further preparatory cost to the County Council. A considerable amount of cost incurred on phase 1 will directly benefit phase 2 including the spur road and new utilities. It is on this basis that phase 2 is left as a flexible employment land with the benefit of services to the boundary for future connections.

7.3 Financial Summary

In summary, the total estimated cost of bringing the site to market is 2,636,106 which identifies a predicted shortfall of 250,000. It is proposed however, for this to be met through the Infrastructure Development Fund, which was previously earmarked for this scheme

The anticipated value generated from phase 1 and phase 2 is 1,705,170, however Members should note that this valuation assumes no further preparatory costs for phase 2 of the development with land being sold to businesses who are able to incorporate multi levels within their site.

Figure 1.6 - Financial Summary

Cost of bringing the site to market	2,636,106
Anticipated land value	1,705,170
Residual value	- 930,936

8. Environmental Impact Considerations

Consideration has been given to the social, economic and environmental impacts of the Okehampton East Business Park scheme and an Impact Assessment completed.

The scheme is considered to have a largely positive combined impact. This is because it will help support the growth and expansion of local businesses and will enable the creation of new direct and indirect employment. The local community (residents and businesses) have been consulted on the proposal and an overwhelming positive response received as detailed in the body of the report. During the preparation of the planning application it was determined that a formal Environmental Impact Assessment was not required. However, the scheme has been rigorously tested through the Statutory Planning Process where its potential impact on ecology and the landscape have been appraised and mitigation agreed, and where only 2 objections were received from members of the local community, both of which were duly considered and did not raise any material impacts not already appraised during the project master-planning process.

9. Equality Considerations

Where relevant to the decision, the Equality Act 2010 Public Sector Equality Duty requires decision makers to give due regard to the need to:

eliminate discrimination, harassment, victimisation and any other prohibited conduct;

advance equality by encouraging participation, removing disadvantage, taking account of disabilities and meeting people's needs; and

foster good relations between people by tackling prejudice and promoting understanding.

Taking account of age, disability, race/ethnicity (includes Gypsies and Travellers), gender and gender identity, religion and belief, sexual orientation, pregnant women/new and breastfeeding mothers, marriage/civil partnership status in coming to a decision, a decision maker may also consider other relevant factors such as caring responsibilities, rural isolation or socio-economic disadvantage.

This may be achieved, for example, through completing a full Equality Impact Needs Assessment/Impact Assessment or other form of options/project management appraisal that achieves the same objective.

An Impact Assessment has been prepared, a copy of which has been circulated to Cabinet Members, and is available alongside this report on the Council's website at:

http://www.devon.gov.uk/index/councildemocracy/decision_making/cma/index_exc.htm

The project will create significant new local employment opportunities potentially helping to tackle socio-economic disadvantage and rural isolation. Further considerable investment will not only be made in the preparation of the site but also through the development of the business park. Using Homes & Communities Agency methodology, it is anticipated that the employment site will generate the following outputs once fully developed (based on 100% capacity):

Direct Jobs created & safeguarded 469 full time equivalents (FTE)

Indirect and induced jobs 211.25 FTE

Leading to a total Gross Value Added (GVA) for the SW Economy of 23.19m.

Private Sector Investment - 7,500,000

Based on the latest Local Enterprise Partnership Value for Money (VfM) calculation, the project delivers 1 direct job for 5621 of investment, comparable with the better value for money projects assessed for the Government's Growth Deal.

10. Legal Considerations

The lawful implications/consequences of the proposals/recommendations/proposed course of action have been considered and taken into account in the preparation of this report/formulation of the recommendations set out above.

A number of restrictions were placed in the transfer documents from the RDA. A number of these focus on design and environmental sustainability which would add a very large cost to construction costs. More importantly, formal approval would have to be obtained by the RDA's successor the Homes and Communities Agency (HCA) for any future disposal. County Council officers have met with representatives from the HCA who have recommended that the conditions are removed in order to allow the development to progress. This has to be formally ratified by the Department for Business Innovation and Skills (BIS) so it still presents a risk to the project delivery.

The development will need to proceed in accordance with the conditions of the planning permission. The County Council is awaiting consultation on the draft conditions but due to the continuous dialogue with the Planning Officer none are anticipated to be unduly onerous. If possible, an update will be provided at the Cabinet meeting as appropriate. Compliance with these conditions will form part of the legal contract with the appointed contractor and will be embodied as appropriate in the terms of the freehold disposals. Professional legal and conveyancing advice will be sought and adhered to with respect to the terms and so on associated with disposal of plots.

11. Risk Management Considerations

This proposal has been assessed using the Devon Way Risk Register template, and all necessary safeguards or action have been taken/included to safeguard the Council's position.

There are a number of inherent risks in responding to market failure to bring forward employment sites of this nature. The implications of the risks identified have been taken into account in preparing this report, and have influenced the masterplan and the subsequent negotiations with the Planning Authority. There are outstanding risks associated with the potential loss of the County Council's capital programme allocation and the RGN grant but both are mitigated by the recommendations set out in this Report.

As referred to in section 10, there is a need to remove a number of restrictive clauses within the transfer documents to assist delivery and marketing.

The corporate or community risk registers have been updated as appropriate.

12. Public Health Impact

There are no direct implications of these proposals for public health (services) in the area, however consideration has been given to road safety resulting from increased traffic movements, including construction traffic, and noise during construction phase and beyond These have been evaluated and mitigated within the development travel and construction environmental management plan.

13. Discussion

Taking into account the detailed information in this report, the key points to inform the decision against the recommendations are as follows:

• The principle of an employment site in this location has long been established.
• The scheme is well supported by key stakeholders, including the local business community.
• There is a continued need for the scheme, with evidence of demand from local businesses wishing to expand.
• Due to the challenging economics in this location, market failure exists and without public sector intervention this site is unlikely to come forward in the foreseeable future this will have a negative impact on the resilience of the local economy going forward and present a missed opportunity to help address issues facing the local economy in this part of the County.
• The scheme is deliverable within the existing Capital approval, subject to the allocation of Infrastructure Development Fund as outlined above, however the total cost of development from land purchase to disposal exceeds the anticipated returns.
• A considerable amount of public sector resources are invested in this site and the scheme is now making progress with the revised master-plan and fresh planning consent. In order to capitalise on this investment, unlock this Scheme and realise the benefits, the County Council will need to continue to play a leadership role.
• There are risks involved but with the continued involvement of professions in NPS, Legal etc., there is reasonable confidence that these can be mitigated.
• There are a limited number of options that could be pursued (see section 14 below), but do nothing is not considered an appropriate course of action in this case for all the reasons given above.
• The project will generate significant economic outputs (outlined in section 9).
• The project creates an opportunity for existing business to expand, releasing considerable town centre land suitable for residential development, which a key priority of the adopted masterplan for Okehampton.

14. Options/Alternatives

Option A: Do nothing

Nothing to gain by mothballing the site having just achieved planning permission this would undermine the significant investment already made in this site. This is not a no cost option as there are maintenance liabilities as landowner, and the potential for illegal uses the longer the site remains disused.

Option B: Dispose of site as currently stands for private sector to develop the site would benefit from planning permission for employment use but without the site preparation/infrastructure in place, the private sector is unlikely to take it on due to issues of viability. This has been demonstrated through the lack of development despite the site having planning permission for commercial development since 1991.

Option C: The County Council to retain freehold interest and lease plots this would be contrary to the current Asset Management Strategy which supports disposal of assets in order to raise capital receipts. The County Council would also retain the residual liability for site maintenance and ongoing management of the park.

Option D (Preferred option): Prepare site through levelling and basic infrastructure provision and dispose of plots of the open market for B1, B2, B8 uses. This is the recommended option as it presents the most deliverable opportunity for development and economic growth within a priority area for the County Council whilst delivering a capital receipt from future disposals.

15. Reason for Recommendation/Conclusion

Significant progress has been made over the last year in bringing forward this site to a point where there is a workable masterplan and an imminent planning consent. Backed by the evidence of continued stakeholder support and commercial interest, the securing and release of the remaining capital allocation for the physical works and the marketing, the scheme is close to becoming a reality and starting to deliver the much needed economic benefits for the West Devon economy and beyond.

The development of a new commercial site is vital for the overall East of Okehampton Growth corridor which is a priority for the County Council. The site has the potential to generate a capital receipt to offset the investment made and produce significant economic benefits to the area through job creation and private sector investment.

At 5621 the Value for Money calculation is comparable with other publicly funded projects across the County. As a recent example the National Audit Office has assessed the VfM for the Regional Growth Fund at a national level which has been estimated at 37,000 per job.

Keri Denton

Head of Economy and Enterprise

Electoral Divisions: Hatherleigh & Chagford; Okehampton Rural

Cabinet Member for Economy & Growth: Councillor Andrew Leadbetter

Strategic Director, Place: Heather Barnes

Local Government Act 1972: List of Background Papers

Contact for enquiries: Peter Quincey

Room No. Lucombe House, County Hall, Exeter. EX2 4QD

Tel No: (01392) 382889

Background Paper		Date	File Reference

Nil

pq290215cab Okehampton East Business Park

hk 04 030215