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Issue - meetings

Meeting: 09/02/2018 - Cabinet (Item 137)

137 Investment in Exeter Science Park

[An item to be considered by the Cabinet in accordance with the Cabinet ProcedureRules and Regulation 5 of the Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations 2012 no representations having been received to such consideration taking place under Regulation 5(5) thereof]

 

Report of the Chief Officer for Communities, Public Health, Environment and Prosperity, (EES/18/3). The Report will follow.

Additional documents:

Minutes:

(An item taken under Section 100A(4) of the Local Government Act 1972 during which the press and public were excluded, no representations having been received to such consideration under Regulation 5(5) of the Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations 2012).

 

(Councillors Atkinson, Brazil, Connett and Hannaford attended in accordance with Standing Order 25(2) and spoke to this item).

 

The Cabinet considered the Report of the Chief Officer for Communities, Public Health, Environment and Prosperity, (EES/18/3) on proposed investment in Exeter Science Park.

 

This report set out the case for investment in Exeter Science Park Limited (ESPL) to support the expansion of additional innovation space at the Exeter Science Park, one of the Council’s strategic employment sites.

 

The matter having been debated and the options and/or alternatives and other relevant factors (e.g. financial, sustainability, carbon impact, risk management, equality and legal considerations and Public Health impact) set out in the Head of Service’s Report and/or referred to above having been considered:

 

It was MOVED by Councillor Barker, SECONDED by Councillor Hart, and

 

RESOLVED

 

(a) that a capital investment of up to £500,000 in Exeter Science Park Limited (ESPL) to facilitate an expansion of the Science Park be approved, in particular the construction of two “Grow On” buildings that will be able to accommodate small innovative companies as they begin to scale up and to increase rental yield to support ESPL’s future financial sustainability;

 

b) That the following conditions be attached to this investment:

 

i) That similar contributions from other shareholders are provided with the shareholders achieving a combined capital investment of circa £1,250,000 and

ii) ESPL must produce a comprehensive business plan for approval by shareholders by Summer 2018; and

 

c) that an update on the development of the Science Park and the approved Business Plan be received by the end of 2018.



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