Purpose

The purpose of the report is to update Cabinet
on the mobilisation of the Northumberland Growth
and Investment Endowment Fund in line with the investment framework
agreed by Cabinet in June 2024.

Content

RESOLVED
that:-
 
(a )     Cabinet note the modelling which
demonstrates that the Northumberland Growth and Investment
Endowment Fund (GIEF) could result in the creation of over 5,500
direct FTE jobs in Northumberland over 20 years, generate over
£860million in the local economy and every £1 of GIEF
investment will generate £7.52;
 
(b )     Cabinet agree to utilise
£1.2million of the Capital Allocation Strategic Acquisition
Fund, to fund initial land acquisitions;
 
(c )     Cabinet agree to utilise
£1.8million from the Strategic Management Reserve to
establish a revenue reserve to support GIEF programme development
activities, as set out in paragraph 7.5;
 
(d )     authority of up to
£1.2million be delegated to the Executive Director of Place
and Regeneration in consultation with the Executive Director for
Transformation and Resources, the Director for Law and Corporate
Governance and the Portfolio Holder for Supporting Business?and
Opportunities to progress relevant land purchases and enter into
relevant agreements as part of the Strategic Site Acquisition
Programme;
 
(e )     Cabinet agree to progress the
necessary arrangements to mobilise the development and delivery
arrangements for GIEF related programmes and funds to be launched
in 2025. This includes:?
 
A
Strategic Employment Site Acquisition and Enablement
Programme?
 
A
Business Growth Programme?
 
A
Commercial Property Investment Programme?
 
(f )      Cabinet agree to receive
an update on a GIEF Investment Strategy before May 2025 setting out
the objectives, priorities, type of investment and the criteria for
accessing investment opportunities;
 
(g )     Cabinet confirm the Governance
arrangements for the fund with Cabinet having decision-making
authority, approving a programme level approach for the GIEF and
the NCC Programme Board having overall responsibility for effective
delivery of the programme; and
 
(h )     it be noted that any expenditure
from the GIEF will be subject to Council approval in February 2025
as part of the budget for 2025/26 and Medium Term Financial
Plan.?