Decision details

To outline the requirement for capital resources of £4.5m secured from the Local Growth Fund (LGF) to be added to the capital programme.

1)    Approve the remaining funding of £4.5m secured from the Local Growth Fund for Pioneer Park  Infrastructure works and add £0.5m  to the Council’s capital programme in 2017/18 and the £4.0m balance in future years as the LGF is received and released by the LLEP

2)     Delegate authority to the Strategic Director (City Development & Neighbourhoods), in consultation with the City Mayor to allocate funding within this budget to individual infrastructure requirements in line with the LGF project objectives.

To approve the release of Local Growth Fund funding to the Capital Programme for Pioneer Park to enable the delivery of infrastructure works.

The alternative option is to do nothing, however the opportunity to deliver serviced employment land, which will assist deliver new development and business space linked to Space and satellite technology sector will be lost.