Content

RESOLVED:
 

That Cabinet note the
significant economic and social benefits of the CoSTAR Satellite
Studio and Incubator Space as set out in the report, achieved
through the County Council’s proposed capital
contribution,

 

That Cabinet approve
the transfer of £3.3m from the CoSTAR pipeline to capital
budget for a £3m contribution to the construction of the
CoSTAR Satellite Studio and Incubator Space and a SCC held
contingency of £0.3m.

 
Reasons for Decisions:
 
The
CoSTAR Satellite Studio and Incubator Space proposed to be
co-funded by the County Council will directly contribute to
achieving the Council’s strategic priority of Growing a
Sustainable Economy from which everyone can benefit
through the economic outcomes it will deliver for Surrey. These
include: c300 jobs created over 6 years with a 10-year NPV net GVA
contribution of £29.6m (including construction jobs) to
Surrey’s economy; 200 businesses assisted including
incorporating 10 new start-ups; 10 relocating businesses and 180
businesses supported through the CoSTAR programme. These outcomes
have been agreed with Royal Holloway University of London (RHUL)
and will be monitored through a benefits realisation project
management process (see Risk Management Section below).
 
Other social and non-financial benefits arising from CoSTAR
include practical application of immersive technologies in service
provision that will enable wider participation, especially for
hard-to-reach groups, which aligns with the Council’s
underlying principle of No One Left Behind. For example, the
potential to expand the libraries’ service ongoing work to
bring Virtual Reality into Surrey’s libraries from Autumn
2023. CoSTAR will also contribute to Surrey’s Skills Plan
objectives, for example, enabling collaboration between skills
providers, businesses, and anchor institutions and leveraging
createch skills development through the Local Skills Improvement
Fund and Skills Bootcamp funding opportunities.
 

(The decisions on this item can be called-in by the
Communities, Environment and Highways Select Committee)