The Deputy Chief Executive submitted a report providing an update on the development of a new, proactive inward investment service for Leeds City Region (LCR), capable of significantly increasing the City Region’s share of new direct business investment from elsewhere in the UK (particularly London and the South East) and overseas. In addition, the report sought approval to provide advanced funding of up to £1,720,000 for the new service over a three-year period (2013/14 to 2015/16) to be funded through the Council’s general fund reserves . The requested advance funding would be reimbursed to the Council’s general fund reserves via future business rates receipts to be generated as more businesses located or expanded onto the Aire Valley Leeds Enterprise Zone (AVL EZ).
Following consideration of Appendix 1 to the submitted report, designated as exempt under the provisions of Access to Information Procedure Rule 10.4(3), which was considered in private at the conclusion of the meeting, it was
RESOLVED –
(a) That the advance funding of up to £1,720,000 over three
years (2013/14 to 2015/16) to be provided from the Council’s general fund reserves in order to support delivery of a new, proactive inward investment service for Leeds City Region be approved. (The requested funding will be reimbursed to the Council’s general fund reserves via future business rates receipts as more business investment is made in AVL EZ. It is expected that the full £1,720,000 will be repaid to the Council by mid-2018/19).
(b) That the following be noted:-
· the options appraisal for the requested funding model, as set out within paragraphs 3.7 and 3.8 of the submitted report;
· that the new service will be delivered by Leeds and Partners from October 2013 (subject to the outcome of ongoing negotiations and commissioning) and that it is expected to secure a minimum of 60 new direct business investments and up to 1,500 new jobs (subject to ongoing negotiations);
· that the responsible officer for implementing the decision is the Project Manager within the Leeds City Region Secretariat.