Decision details

Cllr Cleary moved the recommendations as set out in the report.  Cllr Harris seconded the motion.

In response to a number of questions, the Leader of the Council confirmed that the £50k a year budget provision could take the form of cash or alternatively as the Council being a guarantor on a loan for the company.  As the business case developed, more details on financing requirements would become clear.  Furthermore, it was reported that the appointment by the Council would be a named appointment as required by a company director.  However, the Council could change this appointment at any time, as appropriate.

RESOLVED:

1.    That the Council supports the principles set out in the report relating to the Retained Business Rates Policy, Decision Making and Governance, Funding and Finance to be included within the Solent Freeport Outline Business Case to Government, noting that more detail will be available as the project moves to the Full Business Case stage;

2.    That the Leader of the Council sign a commitment letter, confirming support to the Outline Business Case and Freeport objectives;

3.    That up to £50,000 per annum for a 3 year period be made available by this Council (as guarantor to prudential borrowing or cash) to support the delivery of the Freeport; and

4.    That the Leader of the Council, Cllr Edward Heron, be formally appointed as a Director of The Solent Freeport Consortium Limited.