Decision details

To seek approval of successful applications from the East Kent Expansion Fund valued at over £1million and recommended for award by the Independent Advisory Board.

Further details will be available to members when the notice of proposed decision is published but will be exempt from wider publication under paragraph 3 of schedule 12a of Local Government Act 1972 owing to its detailed financial nature.

It is anticipated that there will be 3 decisions in total. 

Update 17/02/2015: One decision has been taken as an urgent decision.  Two more are anticipated via the normal statutory procedures.

Update 6 April 2015: It is anticipated that the first proposed decision will be published w/c 13 April and will be seeking agreement to implement the recommendation of the Investment Advisory Board and release the funds as a loan and grant to the Company set out in the exempt report, subject to the conditions also contained therein, to the total value of £1,311,000 (£1m as a loan £311,000 as a grant) from the Expansion East Kent Fund. 

Update 22 April 2015: It is anticipated that the second proposed decision will be published w/c 27^th and will seek approval from the Cabinet Member for Economic Development of a recommendation of the Advisory Panel to the TIGER fund to loan to the Company set out in the exempt report, subject to the conditions also contained therein, monies to the value of £1,025,750million from the TIGER Fund

Update 4 May 2015: Both decisions are now taken. 

ExEK on 27 April 2015

TIGER on 5 May 2015

APPROVED: - CALL-IN COMPLETE

Date: 27 April 2015

No: 15/00037

Decision 1 of 2 – Approval of Expansion East Kent Independent Advisory Board recommendations:

The Leader & Cabinet Member for Business Strategy, Audit and Transformation has agreed to implement the recommendation of the Investment Advisory Board (IAB) for the Expansion East Kent fund and approve the loan and grant of £1,311,000 to the company as set out in both the cover and the exempt reports.