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 27th 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
Decision type: Key
Reason Key: Expenditure or savings of more than £1m;
Decision status: Recommendations Approved
Notice of proposed decision first published: 17/11/2014
Anticipated restriction: Part exempt - View reasons
Explanation of anticipated restriction:
Only a covering report and record of decision will be published on line as the information will exempt from publication in accordance with paragraph 3 of Scedule 12a of the Local Government Act 1972 owing to its detailed financial nature.
Decision due: Not before 15th Dec 2014 by Leader and Cabinet Member for Health Reform
Reason: In order that statutory requirements can be fulfilled.
To endorse a recommendation of the Independent Advisory Board for ExEK to approve a Loan of over £1million
Lead member: Leader and Cabinet Member for Health Reform
Lead director: Barbara Cooper
Contact: Jacqui Ward, Regional Growth Fund Programme Manager Tel: 03000417191 Email: Jacqui.Ward@kent.gov.uk.
Consultees
The Independent Advisory Board to the fund will consider and make recomendations to the Leader.
All members will have an opportunity to comment on the proposed decision before it is taken.
Financial implications: Jacqui Ward Expansion East Kent Fund Manager 03000 497191 jacqui.ward@kent.gov.uk
Legal implications: 15/00037