This report provides information on the current position with the Local Growth Deal funding secured from the Local Enterprise Partnership (LEP); the current position of the North Northallerton development; the potential risks to delivery and seeks approval to sign the funding agreement with the LEP.

In accepting the recommendations, Cabinet will agrees to enter into the funding agreement with the LEP to secure the £6m Local Growth Deal monies for the NNDA Link Road and Bridge subject to a legal agreement with the Developer Consortium that acceptably mitigates the financial risk to the Council and the Chief Executive, in consultation with the Leader of the Council, being satisfied that the developers are able to deliver the project.

The subject of the decision:

This report provided information on the current position with the Local Growth Deal funding secured from the Local Enterprise Partnership (LEP); the current position of the North Northalleton development; the potential risks to delivery and sought approval to sign the funding agreement with the LEP.

Alternative options considered:

None.

The reason for the decision:

To ensure the viability and delivery of the project.

THE DECISION:

That Cabinet agrees to enter into the funding agreement with the LEP to secure the £6m Local Growth Deal monies for the NNDA Link Road and Bridge subject to:-

(1)     agreement in principle to enter a legal agreement with the Developer Consortium that acceptably mitigates the financial risk to the Council; and

(2)     the Chief Executive, in consultation with the Leader of the Council, being satisfied that the developers are able to deliver the project.