Decision details

To seek approval to receive and add the 2016/17 Local Growth Fund allocation to the capital programme, to receive other Government funding for the LLEP, to authorise a guarantee of future project funding, to add a further tranche of Growing Place Fund loan approvals to the capital programme and to accept new European funding.

1.      That the 2016/17 Local Growth Fund capital grant of £31.84m be received by the Council acting as Accountable Body to the LLEP be accepted and added to the capital programme.

2.     That £250k capacity funding, £250k core funding and £205k Growth Hub Core funding for 2016/17 be accepted.

3.      That £205k Growth Hub Core funding for 2017/18 be accepted.

4.    That the Director of Finance, in consultation with the Strategic Director, City Development and Neighbourhoods, be authorised to pay Local Growth Fund (LGF) capital grants to the promotors of those schemes which the City Council is not undertaking itself.

5.    To note that City Council LGF schemes can only commence once the City Mayor has given approval.

6.   To approve the £1.7m balance of the 2016/17 LGF funding for the Leicester Waterside Strategic Regeneration Area (which is a City Council scheme) and add it to the capital programme. 

7.  To approve the addition of the £2.0m 2016/17 LGF allocation for Connecting Leicester Wave 2 to the capital programme.

8.    That the Director of Finance, in consultation with the Strategic Director, City Development and Neighbourhoods, be authorised to guarantee up to £4.5m of the 2017/18 and future years’ Local Growth Fund monies to the North Warwickshire and Hinckley College for the development of a skills training centre. This is subject the LLEP Board agreeing to underwrite the guarantee from LLEP funds.

9.   That a further £0.68m of Growing Place Fund loans be added to the capital programme, to be financed from the repayment of an earlier loan.

10.  That Leicester City Council will act as the Accountable Body for circa £750k of ERDF funding for the Business Gateway (Growth Hub), subject to a successful funding bid.

The City Council is the accountable body for the Leicester and Leicestershire Enterprise Partnership (LLEP), and hence is legally responsible for receiving, managing and accounting for LLEP funds. Executive approval is required to receive and add the 2016/17 Local Growth Fund allocation to the capital programme, to receive other Government funding for the LLEP, to authorise a guarantee of future project funding, to add a further tranche of Growing Place Fund loan approvals to the capital programme and to accept new European funding.

No other options were considered as the City Council is the accountable body for the LLEP.