Decision details

1.    approves entering into a legal agreement with FinNest Group Ltd to secure £2.5m private investment for the Digital Connectivity project, subject to proof of funds;

2. delegates authority to the Director of Law and Governance in consultation with the Director of Finance and the Interim Director of Investment and Development to negotiate and finalise the detailed terms of the legal agreement. 

·       Ensures project outcomes are met, including job creation.

·       Ensures wider Towns Fund inward investment outcomes are met and acts as a catalyst for further future major investment,

·       Represents a five-fold increase in Digital Connectivity funding and extends the project to March 2026.

·       Enables Smart Place team to meet full cost recovery targets for 2025/2026.

·       Enables free Public Wi-Fi to be extended and to be sustainable.

·       (vi)Strong alignment with Council Corporate Priorities.

Following the calling of the general election and the decision taken on the 28 May to cancel the Cabinet meeting scheduled for the 19 June 2024 in line with published guidance relating to the pre election period it was requested that an officer decision be taken in relation to this item in lieu of the cabinet meeting on the 19 June 2024.

Officers indicated that this decision could not wait until the next scheduled meeting of the cabinet on the 17 July 2024 for the following reasons:-

·        Enables delegation to officers to move quickly to finalise the legal agreement

·        Pace provides reassurance to the investor and gives confidence, ensuring that £2.5m funding is secured and not withdrawn

·        Essential for programme delivery commitments to the Towns Fund Board and Department of Levelling Up, Housing and Communities

·        Cabinet Report fully supported by Portfolio Holder and Deputy Leader, Cllr Earl