On 10 September 2024, Cabinet:-
(i) Approved the Council’s application for a £1.0m
Funding Grant from the Enterprise Zone to contribute funding into Paradise Circus
Limited Partnership (PCLP) as its share (50/50 contribution) of a total £2.0m
injection for the PCLP Working Capital Fund;
(ii) In its capacity as Accountable Body for the
Enterprise Zone, approved the awarding of a £1.0m Enterprise Zone Funding Grant
to the Council;
(iii) Delegated authority to the Strategic Director of
Place, Prosperity and Sustainability to take such actions as are necessary to:
(a) Ensure
that the application, receiving and payment of the £1.0m funds by the Council
to PCLP are appropriately carried out in line with Council procedures; and
(b) Renegotiate
and agree a new financial/commercial structure of PCLP with Britel Fund
Trustees Limited prior to 31 July 2025;
(iv) Authorised the City Solicitor to negotiate,
execute, seal, and complete all necessary agreements and documentation to give
effect to the above recommendations.
THE
DEADLINE FOR CALL IN IS 1600 HOURS ON MONDAY 16 SEPTEMBER 2024.