Purpose

Agree details of how the fund will operate; agree delegated authority to make decisions on funding; confirm fund monitoring and reporting arrangements

Decision

RESOLVED

KEY DECISION

That the Executive:

(i)            Approves the creation of a Magna Park (Corby) Development Impact Fund and how it will operate.

(ii)          Confirms fund monitoring and reporting arrangements.

(iii)        Delegates authority to the Executive Director for Place (Deputy Chief Executive), in consultation with the Executive Member for Planning & Economic Growth and other Panel members, to undertake decisions on funding

Reason for Recommendations:

a.             The recommended course of action is the most cost-effective;

b.             The process is open and transparent; and

c.  To accord with the requirements of the S106 Agreements.

Alternative Options Considered:

a.  Making the fund available on a first-come, first-served basis was not supported, as it could limit project diversity and disadvantage community groups needing more time to develop proposals.

b.  Allocate the funds in full to a single project – this was not supported as it would limit the potential impact of the fund and not help achieve wider purposes set out in the S106 agreement.

c.  Do nothing – this was not supported; failure to apply the funds in the manner set out in the S106 agreement would leave the Council liable for repayment of the funds to the developer.