To consider a report which seeks permission to invest in a major new Innovation Centre at White Rock, Paignton to create at least 220 new jobs, with the support of grant funding.

The Council considered a report on phase three of the Innovation Centre project which sought to promote sympathetic economic regeneration for Torbay by building a new innovation centre at Whiterock Business Park, Paignton.  It was noted phase three would create 30,000 square feet of new workspace for businesses and would sustain an estimated 220 jobs with £2 million per year economic benefits to Torbay.  A revised officer recommendation was circulated at the meeting.

It was proposed by Councillor Tyerman and seconded by Councillor Thomas (D):

(i)            that subject to a business case being submitted by the Torbay Economic Development Company (TEDC) that is satisfactory to the Chief Executive of Torbay Council acting in consultation with the Mayor, Executive Lead for Finance and Audit and Executive Head for Finance (such business case to be approved by the Board of the TEDC in writing), the Council approves prudential borrowing of up to £2,000,000, plus up to £500,000 of New Growth Points grant, to enable delivery of the third site of the Innovation Centre Programme with any initial funding met from internal funds in line with the Council’s Treasury Management Strategy.  The business case to include the TEDC to pay an annual charge to cover the Council’s interest and repayment costs of borrowing;  and

The Mayor be recommended:

(ii)          that the Council submits an application to the EU Competiveness programme for a £2.5million grant for match funding;  and

(iii)         that subject to the business case referred to in (i) above being approved:

(a)          the Council enters into the proposed land swap with Deeley Freed with regard to the Council’s site at Whiterock, currently used by PLUSS Ltd. The agreement of terms to be delegated to the Chief Executive in consultation with the Mayor, the Executive Lead for Finance and the Chief Executive of the Torbay Economic Development Company; and

(b)          the Council leases the proposed innovation centre site to the Torbay Economic Development Company Limited. The agreement of lease terms to be delegated to the Chief Executive in consultation with the Mayor, the Executive Lead for Finance and the Chief Executive of the Torbay Economic Development Company.

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

The Mayor considered the recommendation of the Council in (ii) and (iii) above at the meeting and the record of his decision is attached to these minutes.