The Leader of the Council – Minutes – 19 January 2011
117 (22) REGIONAL GROWTH FUND – The Head of Strategic Regeneration, Housing and Development presented an urgent report seeking approval to submit bids to the Regional Growth Fund.
This report was urgent due to the timescale for submission of bids for the Regional Growth Fund (RGF) for which the deadline was Friday 21 January 2011. The guidance was launched in Autumn 2010 and initial work was undertaken to ascertain the interest in the fund. Detailed work commenced on a number of proposed bids both by the private sector and in partnership with the council from November 2010 onwards. Significant work had been required to fully work up the bids.
The two objectives of the fund were:
- To encourage private sector enterprise by providing support for projects with significant potential for economic growth and create additional sustainable private sector employment, and
- To support in particular those areas and communities that are currently dependent on the public sector make the transition to sustainable private sector led growth and prosperity.
It was anticipated that bids for the Regional Growth Fund would be supported and/or approved by the Local Enterprise Partnership (LEP). It had been recognised that where no LEP currently existed in an area, bids would not be disadvantaged and that support from existing strategic groups in the area would be sought.
Resolved – (a) That the submission of all the bids to the Regional Growth Fund as outlined in Appendix A to the report be supported, and (b) That should it be confirmed that the council be required to act as the accountable body for successful RGF bids, a full impact review be undertaken and a further report be submitted to Cabinet Member for consideration
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