Decision details

RESOLVED that: -

(a)             the Smart Place Team, supported by Law and Governance, Finance and Strategic Procurement, conducts a formal procurement process to select one or more Smart Place Strategic Investment Partner(s); and

(b)            the Smart Place Team, supported by Law and Governance, Finance and Strategic Procurement, determines the most appropriate special purpose vehicle, through which investment can be received and that the Smart Place Programme is funded and delivered; and

(c)             Officers report back to Cabinet after this process is completed, for a decision to appoint the Smart Place Investment Partner(s) and to proceed with establishing the most appropriate special purpose vehicle.

Voting: Unanimous

Portfolio Holder: The Leader of the Council and Portfolio Holder for Development, Growth, Regeneration and Transformation

Reason

       i.           Delivers significant economic and social benefit for residents, businesses, and communities.

      ii.           Supports the Council’s Corporate Strategy priorities and Big Plan and regeneration ambitions.

    iii.           Delivers cost savings and potential future income generation for the Council.

    iv.           Supports government’s Levelling Up agenda and UK Digital Strategy.

     v.           Enables the raising of major private investment to fund the delivery and roll out of the Smart Place programme across the whole of the BCP area.

6. Delivers employment and investment outcomes associated with previous and current government grant funded projects.