Issue details

Electronics & Photonics Innovation Centre

 

 

In May 2012 Council approved (subject to a business plan) 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. Match funding has now been secured to bring forward the project as an Electronics & Photonics Innovation Centre (EPIC) so the purpose of this plan item is to update Council.

Decision type: Key

Reason Key: Capital expenditure +£250,000 and outside Capital Plan;

Decision status: Abandoned

Wards affected: (All Wards);

Notice of proposed decision first published: 24/06/2015

Decision due: 23 Jul 2015 by Council

Lead member: Elected Mayor and Executive Lead for Assets, Finance, Governance and Corporate Services, Economic Regeneration and Transformation

Lead director: Chief Executive of Economic Development Company

Contact: Alan Denby TDA Email: alan.denby@tda.uk.net Tel: 208671.

Consultation process

Consultation was undertaken prior to the original Council decision. The EPIC project has been developed in close consultation with businesses, the Tor Bay Hi Tech Forum, the HOSW LEP and academic institutions.

Consultees

Universities, Torbay Hi Tech Forum, HOSW LEP, businesses.

Reason for inclusion in Forward Plan: Confirming Council support and match funding for the EPIC project will secure minimum grant investment of £4m. The centre offers a unique opportunity to place Torbay at the heart of the growing electronics and photonics industry, creating approx 220 higher skilled, higher paid jobs for the future.

Key Risks: Without Council support the grant funding cannot be drawn down, and the project cannot go ahead meaning jobs will not be created.

If you want to make representations contact:: Suzie Masterman, Torbay Development Agency, 3rd Floor Tor Hill House, Union Street, Torquay, TQ2 5QW, telephone 01803 207922, email suzie.masterman@tedcltd.com

 

Contact Governance Support

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