Agenda item

To provide an update on progress with the design of an enhancement scheme for Long Lane.

The Projects Director provided an update on progress with the design of an enhancement scheme for Long Lane. This set out an options analysis in terms of how to proceed and sought approval to borrow up to £3m against future ring-fenced income to deliver the enhancement scheme. Members considered the options analysis of how to move forward.

RESOLVED:

•  that the progress with the design of a scheme to upgrade Long Lane be noted,

•  that subject to confirmation of the final scheme design and the quantum of developer contributions being secured through a funding agreement, endorse Option 1 as the preferred way forward,

• that a contribution of up to £5k towards the legal fees of those delivering the FAB

project to progress the funding agreement prior to the final investment decision stage being reached be agreed,

• that an investment of £5k to help provide match funding for a bid to DfT’s Cycle

Rail fund be supported, and

• that delegated approval be granted to the Chief Executive in consultation with the Leader and Strategic Leads for Finance and Governance & Licensing, to agree the terms of and complete the funding agreement and any other necessary legal documentation to achieve the above recommendations.

RECOMMENDED:

• that Council agree the borrowing of up to £3m against ring-fenced business rate income to implement the scheme and enter in to a funding agreement with Devon County Council to deliver this.

REASON:

Cabinetreceiveda paper ontheEnterpriseZonein April 2018.Thissoughtapprovalfor theprincipleofborrowingupto£8m againstring-fencedbusiness rateincome, with detailedapprovalfor investingup to£3.4m forfour specific projects.Duringthe interveningperiodwork hadfocusedonthe deliveryoftheapprovedprojects,alongwith supporting thedevelopmentof otheropportunities.This hadfocusedon overcoming barriers todeliveryandbringingforward catalytic investments.

The substandard nature of Long Lane and subsequent limitations to the

capacity of the current highway network were a direct barrier to the delivery of Airpark, one of the four Enterprise Zone sites. The proposed enhancement would overcome this barrier and also secure a number of wider benefits including supporting enhanced public transport connectivity and the future growth of the Airport.