Purpose

The Growing Places Fund is a
£19.4 million resource previously managed by the Lancashire
Local Enterprise Partnership.  When the
Lancashire Local Enterprise Partnership was wound-up, ahead of the
formation of the Lancashire Combined County Authority, the county
council became the custodian of the Growing Places Fund as it was
the Accountable Body for the LEP. The fund is deployed as a
revolving loan fund to release commercial development projects in
Lancashire. Now that the Lancashire Combined County Authority is
established, this report seeks approval to relinquish its
responsibilities for this function and request that the LCCA agree
to take on such responsibility as part of a wider programme to
migrate former Lancashire Local Enterprise Partnership functions
and resource to the Combined County Authority in line with
Government expectations.
 
This is deemed to be a Key
Decision, and the requirements of the council's Cabinet procedure
rules (Standing Order C18, Consideration of Key Decisions) have
been complied with.

Content

The Cabinet approved the recommendation(s) as
set out in the report.