Issue - meetings

[Report of the Interim Strategic Director for Planning, Regeneration and Development. To be introduced by the Cabinet Member for Economic Development. Social Inclusion and Sustainability.] The report will be seeking authority to enter into a grant agreement with the GLA, subject to successful grant application.

The Cabinet Member for Economic Development, Sustainability and Social inclusion introduced the report, which detailed the Council’s submission of a Good Growth Fund bid called “Connecting Wood Green” and was seeking authority to enter into a grant agreement with the Greater London Authority (GLA) in the event of the bid being successful.

The Cabinet Member advised that the Council were still awaiting final confirmation on whether the grant had been successful, although Members were asked to note that officers have been advised that should the application be successful the funding will be 100% grant, so instead of £700k grant and £200k loan Haringey will be awarded a £900k grant.

This did not change the recommendations in the report, but Members were asked to note the following updates to the report:

-          Para 4.2 –  The Connecting Wood Green bid was for a £700,000 grant plus a £200,000 loan to contribute to projects with a total value of £2.2m, but the GLA have advised that they are minded to award a 100% grant and so that funding will be a £900k grant and no loan.

-          Para 8.1- Reference to the loan agreements (second bullet point) with third parties can be omitted

-          Para 8.2- The Connecting Wood Green bid was for a £700,000 grant plus a £200,000 loan to contribute to projects with a total value of £2.2m, but the GLA have advised that they are minded to award a 100% grant and so that funding will be a £900k grant and no loan.

-          Para 8.3 – Table of finances to be amended so that the £200k loan element of the project for The Gas Works Project is omitted and the grant for The Gas Works Project is increased from £300k to £500k.

-          Para 8.7 - Finance comments about the loan and having in place adequate controls for its repayment can be omitted

-          Para 8.8- Reference to the loan agreements with third parties can be omitted

-          Para 8.12 – Legal comments about the loan can be omitted

RESOLVED

1. In the event of the “Connecting Wood Green” application to the GLA’s Good Growth Fund being successful, to give delegated authority to the Strategic Director of Regeneration, Planning and Development and the S151 Officer, after consultation with the Cabinet Member for Economic Development, Social Inclusion and Sustainability, to approve the Good Growth Fund grant agreement with the GLA.

2. In the event of the “Connecting Wood Green” application to the GLA’s Good Growth Fund being successful, to give delegated authority to the Strategic Director of Regeneration, Planning and Development and the S151 Officer, after consultation with the Cabinet Member for Economic Development, Social Inclusion and Sustainability, to approve grant agreements with third parties using the sources of funding as set out in the Connecting Wood Green bid proposal, up to the maximum amount of grant funding for each of the three projects as set out in the proposal, subject to compliance with State Aid legislation.

Reasons  ...  view the full minutes text for item 201