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RESOLVED:
 
1. 
Approved the establishment of the Hackney Affordable
Workspace Fund, with an indicative value of approximately one
million pounds (£1m), for the allocation of current and
future funding contributions secured by the Council for the
provision of affordable workspace.

 
2. 
Delegated authority to approve individual grant awards
and enter into grant agreements to each of (i) the Assistant Director of Regeneration and
Economic Development, and (ii) the Strategic Director of Economy,
Regeneration and New Homes.
 
REASONS FOR DECISION
 
The Council has funding available via Section
106 contributions and external grant funding which it is legally
required to spend on delivering new affordable workspace, or
improving existing affordable workspace in the borough.  The creation of a capital grant fund to allow
businesses to bid for this funding will ensure a fair and
transparent approach to awarding the funding while supporting local
businesses and the economy.  The fund
will positively contribute to the amount and quality of affordable
workspace in the borough which is a Council objective
.
The SIP external grant funding, which makes up
50% of the available funding, must be spent by no later than 31st
March 2025.  While there is no specific
deadline for expenditure of the Section 106 funding, it is
considered prudent to spend this as soon as possible as there is a
risk it could be reclaimed by the developers who provided the
Section 106 contributions.
 
DETAILS OF ALTERNATIVE OPTIONS CONSIDERED AND
REJECTED
 
Do Nothing
 
The option to do nothing has been rejected as
it would mean the dedicated affordable workspace funding would not
be spent, which would be a missed opportunity to invest in much
needed affordable workspace to support local
businesses.  The funding may need to be
returned if left unspent.
 
Not to create a
business grant fund and spend the funding in other ways
 
Alternative ways of spending the funding have
been explored via a review of Council owned sites and Council led
projects and proposals relating to affordable
workspace.  However, given the readiness
of the Council led projects/sites, the 31st March 2025 deadline to
spend over 50% of the funding, the objective of the Council to
support local businesses, and the success of previous Hackney
business grant programmes, it has been decided that the creation of
the business grant fund for affordable workspace is the most
impactful way to spend the funding available by the required
date.