Councillors and committees
Issue - meetings
North East Business and Innovation Growth Fund
Meeting: 25/02/2020 - Cabinet (Item 134)
North East Business and Innovation Growth Fund
Report of the Acting Strategic Director, Economy, Innovation and Design
Minutes:
Consideration has been given to the submission of a full application for funds from the European Regional Development Fund (ERDF) to deliver a project that will promote economic growth and job creation through the provision of a grant fund for businesses.
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(i) That the submission of an application to the Ministry of Housing, Communities and Local Government for ERDF funding by the Acting Strategic Director, Economy, Innovation and Growth, in consultation with the Strategic Directors, Resources and Digital and Corporate Services and Governance, be approved.
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(ii) That subject to Ministry of Housing, Communities and Local Government approval, the Acting Strategic Director, Economy, Innovation and Growth be authorised to accept the funding, following consultation with the Strategic Directors, Resources and Digital and Corporate Services and Governance, and to approve the subsequent delivery of the project.
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(iii) That the Council enter into an appropriate legally binding agreement, the form of which is to be approved by the Strategic Director, Corporate Services and Governance, with Umi Commercial Limited as delivery partner.
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(iv) That the Council enter into an appropriate agreement, the form of which is to be approved by the Strategic Director, Corporate Services and Governance, with South Tyneside Council and Sunderland City Council as strategic partners. |
The above decisions have been made for the following reasons:
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(A) To maximise opportunities for economic growth and job creation in Gateshead, South Tyneside and Sunderland local authority areas.
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(B) To maximise opportunities to secure external funding to deliver strategic priorities. |