Purpose

Thames Freeport is forecast to generate 21,000
jobs, £4.6bn of public and private sector investment together
with funding to support the delivery of Freeport objectives. The
Council is the Accountable Body (AB) for Thames Freeport,
accountable to the Department for Housing, Levelling Up and
Communities (DLUHC) for the use of public funding including Seed
Capital Funding and for the good functioning of the Thames Freeport
Governing Body. As a billing authority the Council also has
responsibility for the use of retained business rates.

In February 2024 Cabinet delegated responsibility to the S151
Officer, in consultation with the Leader, Portfolio Holder for
Governance, Portfolio Holder for Finance, Chief Executive and
Monitoring Officer to approve Outline Business Cases for seed
capital funding, Government funding for projects identified in the
Freeport capital programme.

There are five Outline Business Cases that are now ready for
approval. This report seeks the approval of the S151 Officer for
these projects to progress to Full Business Case stage. It also
seeks approval to enter into a funding agreement and to release
money for the development of a Full Business Case for the Ripple
Lane project provided the project is agreed by DLUHC and seed
capital funding is released to the Council.