Decision

To:

a)         Note the completion of the transfer of the Leicester and Leicestershire Enterprise Partnership (LLEP) functions, assets and responsibilities to Leicester City Council with effect from 1 April 2024, and the Council's role, working alongside Leicestershire County Council, in delivering economic development functions across Leicester and Leicestershire.

b)         Note that, following the closure of the LLEP and the discharge of all Growing Places Fund (GPF) grant conditions, remaining GPF resources are now held by Leicester City Council as ring-fenced capital receipts to support economic development and prosperity across the Leicester and Leicestershire functional economic area.

c)         Approve the addition of £4m to Leicester City Council’s capital programme for the award of a capital grant of £4 million to Leicestershire County Council for the delivery of initiatives that support economic development and prosperity across Leicestershire, informed by engagement with businesses and other stakeholders.

d)         Approve the addition of £4 million to Leicester City Council's Capital Programme to support the development and delivery of the Heart of Leicester programme and associated regeneration and economic growth initiatives. Of this, £2.25m will be an immediate start with £1.75m being included as a policy provision for the future acquisition of land at the Midland Street regeneration scheme.

e)         Note that following these allocations, the remaining GPF balance of approximately £2.275 million will be retained for future economic development and regeneration projects. The allocation of this funding will be informed by engagement with Business Board stakeholders, with specific proposals to be submitted to the Executive for approval at a later date.

Reasons for the decision

To confirm the distribution of the Growing Places Fund, a legacy fund originating from the former LLEP.