Business, Innovation, Employment & Skills Cabinet Member – Minutes – 17 May 2016
3 (3) LOCAL GROWTH FUND – The Director of Places submitted an urgent report seeking approval for the submission of Local Growth Fund outline business cases to the Humber Local Enterprise Partnership..
Local Growth Fund 3 was announced as part of the budget in March 2016. Government would award funding based upon the merits of the cases the council made and their criteria for funding.
The criterion included:
• Strong collaboration between your partnership and the local area.
• The need for stronger, reformed governance structures implied that proposals that were aligned with mayoral Combined Authorities (or proposed Combined Authorities) would have an advantage.
• Proposals should include a greater level of private sector investment than in previous rounds, as well as match funding from other bodies such as universities.
• The council’s strategy should engage with government’s key objectives within the wider local context (such as plans for housing delivery and the area reviews into further education).
The council has previously secured Local Growth funding to support Economic Growth.
The matter was urgent as the deadline for submission of bids was the 13 May 2016 for consideration by the Humber Local Enterprise Partnership week commencing 16 May 2016.
Resolved – That the submission of the outline business cases to the Humber Local Enterprise Partnership, as set out in the appendix to the report, be approved.