Issue - meetings

19/00019 - Regional Growth Fund Administrative Changes and Transfer of Funds

 

 

Meeting: 07/03/2019 - Growth, Economic Development and Communities Cabinet Committee (Item 135)

135 19/00019 - Regional Growth Fund Administrative Changes and Transfer of Funds pdf icon PDF 84 KB

To comment and endorse or make recommendations to the Cabinet Member for Economic Development to agree that:

 

(a)  administration of and funding-decision authority for the monies previously recovered from companies based in East Sussex and handled via the Escalate Scheme, be transferred to East Sussex County Council for management via their East Sussex Invest 5 scheme; and

 

(b)  that authority be delegated to the Director of Economic Development to take appropriate actions, including but not limited to, entering into legal agreements as necessary to implement this decision.

 

The proposed record of decision is shown at Appendix A.

Additional documents:

Minutes:

David Smith (Director of Economic Development) and Martyn Riley (Economic Development Officer) were in attendance for this item.

 

1.    Mr Smith introduced the report that set out the proposed decision to transfer to East Sussex County Council the authority to administer and manage funds recovered via the Regional Growth Fund Escalate Programme, through its East Sussex Invest 5 Scheme.

 

2.    Supplementary to this, Mr Riley said that under the original Kent and Medway Business Fund, there was no demand from companies, Kent County Council or East Sussex County Council to operate a jointly managed fund outside the geographical boundaries of Kent and Medway. Therefore, the most practical option would be for Kent County Council to transfer recovered loan repayments from East Sussex recipients to East Sussex County Council for them to manage future reinvestments in local companies. 

 

3.    RESOLVED that the proposed decision (19/00019) to be taken by the Cabinet Member for Economic Development to:

 

(a)  agree that administration of and funding-decision authority for the monies previously recovered from companies based in East Sussex and handled via the Escalate Scheme, be transferred to East Sussex County Council for management via their East Sussex Invest 5 scheme; and

 

(b)  that authority be delegated to the Director of Economic Development to take appropriate actions, including but not limited to, entering into legal agreements as necessary to implement this decision.

 

be endorsed.