Purpose

The purpose of the report was to seek approval for the Council
to enter into an Memorandum of Understanding (MoU)
with Tees Valley Combined Authority (TVCA) governing the operation of the Tees
Valley Investment Zone - Middlesbrough Site and associated programme.

 

Decision

 

ORDERED that Executive:

 

1.   
Approves the reinvestment of additional
business rates income due to the Council, generated from growth within the Tees
Valley Investment Zone - Middlesbrough Site, only in meeting the needs of the
Priority Sectors. This approval was subject to assurances, required from TVCA,
around the decision-making processes for projects the TVCA was responsible for.

2.   
Delegates authority to the s151 Officer
to finalise and authorise the draft Memorandum of Understanding (MoU) with the
Tees Valley Combined Authority (TVCA)

 

AGREED that Executive notes the Council’s engagement in
delivering the Tees Valley Investment Zone programme.