Agenda item

The Executive considered a report detailing proposed expressions of interest for funding from the Enterprise M3 Local Enterprise Partnership (LEP) for 2 projects in the Borough, including an addendum providing additional consideration of the risks involved.

Members noted that bids to the LEP required matched funding. For the Camberley Town Centre Public Realm and High Street improvements, 50% of the funding would come from the LEP, with this Council and Surrey County Council each contributing 25%. However, the Yorktown and Watchmoor public transport improvements proposals had been submitted by Surrey County Council in conjunction with the Yorktown and Watchmoor Business Association. They would each fund 25% if the bid was successful, with the LEP covering the remainder.

The LEP would levy a 1% administration fee on all grant projects taken forward to the business case stage. Given that there was no guarantee that the LEP would deliver on all projects where business cases were submitted, there would be a risk to the Council as the 1% share would need to be paid regardless of the success of the Town Centre bid.

Members noted that, on a notional bid of £6 million, the Council’s match funding element would be £1.5 million, with the administration fee at £15,000, but the administration fee and match funding elements of the transport project would be met by Surrey County Council and Stagecoach.

Resolved to

(i)     note the bids being presented to the Local Enterprise Partnership; and

(ii)    agree, in principle, to make a funding contribution to the Camberley Town Centre Public Realm and High Street improvements, if they are approved by the LEP.