Content

5.
 

PROJECT FEASIBILITY
FUND
 

 

5.1

The Economic
Development, Skills and Culture Policy Committee considered a
report of the Director of Economy, Skills and Culture which sought
approval to amend the existing delegation agreed for the Project
Feasibility Fund. The Committee was also asked to approve entering
into Grant Funding Agreements for two successful Project
Feasibility Fund applicants.

 

 

5.2

As agreed by Members, in
consultation with the Assistant Director of Legal Services, the
following wording was added to recommendation b): ‘and the
Chair of the Economic Development, Skills and Culture Policy
Committee’ and the title ‘Director of Finance and
Resources’ was amended as follows: ‘Director of Finance
and Commercial Services’.

 

 

5.3

RESOLVED
UNANIMOUSLY: That the Economic Development, Skills and Culture
Policy Committee:-
 
a)   
Approve the Officer recommendation for two PFF projects and grant
award the agreed amounts to the organisations as per appendix
1
b)   
Delegates authority to the Executive Director of City Futures in
consultation with the Director of Finance and Commercial Services
and the Chair of the Economic Development, Skills and Culture
Policy Committee to approve any external grant agreements to the
maximum threshold of £250,000 specifically for the purposes
of the delivery of a Project Feasibility Fund project
 

5.4

Reasons for
Decision

 

 

5.4.1

To enable the development of robust business
cases for external investment, it is recommended that:
 
-      
The Economic Development, Skills and Culture Policy Committee
approve the Officer recommendation for two PFF projects and grant
award the agreed amounts to the organisations, as per Appendix
1
 
Further, due to the time limited nature of
external funding bids, and associated timelines for development
which often do not correspond to Policy Committee meetings, it is
recommended that:
 
-      
The Economic Development, Skills and Culture Policy Committee
delegates authority to the Executive Director of City Futures in
consultation with the Director of Finance and Commercial Services
and the Chair of the Economic Development, Skills and Culture
Policy Committee, to approve any external grant agreements to the
maximum threshold of £250,000 specifically for the purposes
of the delivery of a Project Feasibility Fund project

 

 

5.5

Alternatives
Considered and Rejected

 

 

5.5.1

Alternative Option 1: Do not award the
grant
 
This would create a significant issue for both
the organisation and stop the business case development work for
both the organisation which would result in a delay or inability in
applying for other funding.
 

5.5.2

Alternative Option 2: Do not delegate further
grant approvals to Officers and retain this at Policy Committee

 

 

 

This is a viable option, but it could restrain
the flexibility of the PPF fund to respond to external funding
deadlines and pressures, and to ensure the timely development of
projects. This may result in further extraordinary committees being
required to take decisions outside of the committee meeting cycle.
This may not be considered effective use of committee time, as
projects have been scored and approved via an existing delegated
process.