On 14 November 2023. Cabinet:-
(i) In its role as Accountable Body for the
Enterprise Zone (EZ), approved funding of £2.3m to fund the provision of grants
to SDL to facilitate the delivery of the former Typhoo Building redevelopment.
This will be funded from existing resources within the EZ programme, currently
£11.7m in reserves as at 31 March 2023;
(ii) Approved additional EZ grant funding of
up to £0.099m to fund City Council project related costs which will also be
funded from the existing resources within the EZ programme;
(iii) Approved the additional EZ grant of up to
£2.3m to be awarded to SDL to provide funding for the increased project viability
gap for the redevelopment of the Typhoo Factory in line with the Full Business
Case (FBC) approved by Cabinet on 2 April 2023;
(iv) Noted that £1m of the grant funding will
be repayable to the Enterprise Zone should development in future phases on the
site be sold before 31 December 2029 and scheme achieves above a developer’s
profit return above 15%;
(v) Noted that the business rate growth
associated with the development will be retained by the programme up to March
2046 and reinvested into other EZ projects;
(vi) Authorised the City Solicitor and
Monitoring Officer to negotiate, execute, seal and complete all necessary
documents in connection with the above recommendations.
THE DEADLINE FOR CALL IN IS 1600
HOURS ON MONDAY 20 NOVEMBER 2023.