Acceptance of funding from MHCLG to undertake work relating to the Oxford Central and West End opportunity area and strategic infrastructure capacity.

The Leader of the Council and Cabinet Member for Partnership Working, Inclusive Economic Growth and Culture decides as follows:

1.             Accept £1m of funding from MHCLG to support the work of Oxford Growth Commission including work relating to Oxford West End and strategic infrastructure capacity and deposit the funding within an earmarked reserve specifically for the purposes set out in the Memorandum of Understanding

2.             Note the Memorandum of Understanding relating to this funding that will be signed by the Director for Regeneration, Economy and Sustainability

The recommendation is to accept this funding which will support the delivery of planned growth and enable progression of an evidence base to make the case for investment and help make the case for bringing forward longer term funding streams including a business case for a Business Rate Retention scheme. This is additional funding into Oxford.

The only alternative is to not accept this funding and either not undertake the work or fund it ourselves. The council does not have funding to progress this work itself and the opportunity to explore this significant opportunity will be lost. This potentially in the long term misses the opportunity for significant money being retained in Oxford.