RESOLVED:
That the Cabinet recommends to Council:-
(a) The allocation of £8,445,000 in funding to complete the project, this figure being inclusive of construction costs, supervision and marketing of the development as well as contingency;
(b) To appoint the contractor identified in Confidential Appendix C as the preferred bidder to design and build the industrial and office units on land at Crow Lane, Ringwood; and
(c) Commencement of marketing and letting of the units to potential tenants at the earliest opportunity.
REASONS FOR DECISION:
As set out in the report.
KEY DECISION:
Report to Cabinet and Full Council.
PORTFOLIO:
Finance, Investment and Corporate Services / Business, Tourism and High Streets.
ALTERNATIVE OPTIONS CONSIDERED/REJECTED:
As set out in the report.
DECLARATIONS OF INTEREST(S):
None.
DISCUSSION:
The Portfolio Holder for Business, Tourism and High Streets introduced the report and highlighted the scale of the project as one of, if not the largest investment the Council had ever made, to the sum of £8.4 million. He welcomed the opportunity to provide employment space for businesses and their employees as the Council looked to grow the local economy out of the pandemic.
The Portfolio Holder for Finance, Investment and Corporate Services welcomed the investment opportunity, which he considered would deliver in many ways, through local economic growth, employment, greener credentials and financially in the long run with returns to the Council.
The Leader of the Council endorsed the comments of Portfolio Holders and highlighted the project as an example of how the Council could generate alternative income streams whilst delivering economic benefits to local residents.