The Executive Director, Regeneration and Housing submitted a report to the City Executive Board on 15 September 2016 which requested approval to commit match funding towards the Oxford City Council led element of the ERDF Innovation allocation for Oxfordshire if  funds are successfully awarded.

The report and appendices are attached. The relevant Executive Board minute is attached later in the agenda.

The Board member will move the recommendation.

Recommendation:

The City Executive Board recommends Council to approve the required match funding to deliver the capital (£33,939) and revenue (£45,000) elements of the projects detailed in this report.

Council considered a report to the City Executive Board on 15 September 2016 requesting approval to commit match funding towards the Oxford City Council led element of the ERDF Innovation allocation for Oxfordshire if funds are successfully awarded.

Council resolved toapprove the required match funding to deliver the capital (£33,939) and revenue (£45,000) elements of the projects detailed in this report.

The Executive Director, Regeneration and Housing has submitted a report which requests approval to commit match funding towards the Oxford City Council led element of the ERDF Innovation allocation for Oxfordshire, if  funds are successfully awarded.

Recommendations: That the City Executive Board resolves to:

1.    Recommend Council to approve the required match funding to deliver the capital (£33,939) and revenue (£45,000) elements of the projects detailed in this report.

2.    Delegate authority to the Executive Director, Regeneration and Housing to enter into any necessary agreements to secure European Regional Development Fund funding

The Executive Director, Regeneration and Housing submitted a report which requested approval to commit match funding towards the Oxford City Council led element of the European Regional Development Fund Innovation allocation for Oxfordshire, if  funds are successfully awarded.

Cllr Price, Board Member for Corporate Strategy and Economic Development presented the report.

The City Executive Board resolves to:

1.    Recommend Council to approve the required match funding to deliver the capital (£33,939) and revenue (£45,000) elements of the projects detailed in this report.

2.    Delegate authority to the Executive Director, Regeneration and Housing to enter into any necessary agreements to secure European Regional Development Fund funding

The Director for Regeneration and Housing presented the report. It is an opportunity to bring an empty space back into use in the town hall and to pitch for EU funding. The space will be transformed into office space for small high tech or innovative business start-ups.

The Council will pay for the capital works and will get the money back from the rent.  The EU match funding (if secured) will pay for a programme manager for 3 years.

The Chair asked whether the EU funding was under threat by Brexit or guaranteed if received before the Autumn statement.  The Director for Regeneration and Housing didn’t know the status of the funding but said if the EU funding wasn’t awarded then the management element of the project would not happen.

Cllr Taylor asked whether there was a chance of such a venture happening outside of the city centre.  The Director for Regeneration and Housing said that in terms of the principle absolutely – however it tends to happen in property the city council owns and businesses are more attracted to venues in the city centre so they’re close to collaborators.

Cllr Simmons asked why a 5 year lease had been agreed  when most are 3 years in length

The Director for Regeneration and Housing said 5 years was agreed by the partners.  Lease terms would be favourable and the Council expects the manager to actively manage the space.

The Chair asked whether the project maximised best value for council.  The Director said that it’s not ideal office space and the Council could get more money for it but doing so would not yield the same social value.

The Committee noted and endorsed the recommendations in the report.