To consider the submitted report on a proposal to redevelop Council owned land known as ‘Claylands’ using a combination of Council and Local Enterprise Partnership Funding.

The Council considered the submitted report on the proposed redevelopment of Council owned land known as ‘Claylands’ in Paignton using a combination of funding from the Council and the Heart of the South West Local Enterprise Partnership.  It was noted the redevelopment would support business growth in Torbay.

It was proposed by Mayor Oliver and seconded by Councillor Mills:

(i)         that Local Enterprise Partnership (LEP) funding (£2.5M), if obtained, be applied to fund the site remediation and infrastructure works at Claylands;

(ii)        that subject to the LEP funding the Council commits to make available up to £7.5M of funds to develop business premises on the Claylands site subject to the investment achieving a target rate of return on capital set out in exempt Appendix 2 to the submitted report.  This initially would be funded from Prudential Borrowing that would be repaid from future Rental Yields from the site; and

(iii)       that the authority to commit Council funds be delegated to the Council’s Executive Director for Operations and Finance in consultation with the Mayor and Chief Finance Officer. 

On being put to the vote, the motion was declared carried (unanimous).

(Note:  During consideration of Minute 101, Councillor Carter declared her non-pecuniary interest.)