Purpose

Thames Freeport Limited (TFL) is the delivery arm of the Freeport and is funded from the S31 grant relating retained business rates reliefs.  TFL has no other assets and requires funding to remain a going concern delivering the Freeport while longer term legally binding agreements are completed and executed. 

This report seeks approval to sign a Deed of Variation that extends the existing grant funding agreement with TFL to cover the period to the end of March 2025 on the basis that good progress has been made finalising the longer term governance agreements with the tax sites.

This report also seeks approval to increase funding to be paid to TFL to fund additional activity outside of the Business and Finance Plan in 2024-5. The funds will be paid from the ring-fenced reserve for the Freeport funded through S31 grant payments.