Decision details

The Cabinet will be asked to recommend to Council, approval of a business case for an investment in proposed innovation/incubation units located on Suffolk Business Park, Bury St Edmunds.

Recommended to Council:

(14 December 2021)

That:

1.           The Business Case attached as Appendix A to Report number CAB/WS/21/052, be approved and the project objectives be endorsed. 

2.           The purchase of 6.8 acres of net developable land to enable the project to be delivered, be approved.

3.           The development of 40,000 sq. ft employment space (phase one) on Zone 3 of Suffolk Business Park in accordance with the details contained in the Business Case, be approved.

4.           A £12.1m capital budget for phase 1 only, funded through the Investing in our Growth Fund through Prudential borrowing with the revenue impact in line with the Financial Case section of Appendix A to Report number CAB/WS/21/052, be approved.   

5.           Officers to proceed in line with the Council’s agreed Scheme of Delegation.  However, where necessary, agreement be sought for delegation to the Director (Resources and Property) and the Director (Planning and Growth), in consultation with the Portfolio Holder for Resources and Property and with the Portfolio Holder for Growth, to make changes to the proposal to reflect the need for the project to evolve as time moves forward and to enable the project to be delivered in accordance with the Finance Case and the Programme.

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