Decision details

The Joint Executive (Cabinet) Committee will be asked to support a loan of up to £7m towards costs that will support growth on the Enterprise Zones at Haverhill Research Park and Suffolk Business Park, Bury St Edmunds. 

RESOLVED:

That:-

1.           The business case to support a £7m loan, as set out in Report No: CAB/JT/19/007, for the development of business centres and associated works by way of loan(s) for Haverhill Research Parkand Suffolk Park (Enterprise Zone) Bury St Edmunds be agreed.

RECOMMENDED TO SEBC COUNCIL: (19 March 2019)

That:-

2.           A £7m investment facility for the development of business centres and associated works by way of loan(s) for Haverhill Research Park and Suffolk Park (Enterprise Zone) Bury St Edmunds be approved.

3.           Subject to the satisfaction of the Section 151 Officer and the Monitoring Officer that appropriate security is in place to protect the Council’s investment and due diligence, highlighting no significant risks to the Council has been completed, delegated authority be given to the Chief Executive in consultation with the SEBC Portfolio Holder for Planning and Growth to enter into a loan agreement(s) with the developer. 

4.           The Council’s Section 151 Officer to make the necessary changes to the Council’s prudential indicators as a result of recommendation 2. above.