Bedale Craft Yard (BCY) and Evolution/Leeming Bar Food Enterprise Centre (LBFEC) are developments that Homes and Communities Agency (HCA) are reviewing as part of the legacy of funding agreements that the Council entered into with Yorkshire Forward. The proposal is for the Council to pay a one-off lump sum to HCA in order to be released early from its obligations of two funding agreements before the official end dates which are 2026 for Bedale Craft Yard and 2029 for LBFEC/Evolution. The funding agreements require the Council to pay partnership payments each year which are a % of net income for that financial year. In addition to approval by Cabinet, the proposed payment figure is subject to approval by the Board of HCA.

In accepting the recommendation, Cabinet will approve and recommend to Council that the buy-out of the funding agreements for Bedale Craft Yard and Evolution/LBFEC as per the report and that the £157,940 be funded from the One-Off Fund with revenue being transferred back to the One-Off Fund over 3 years and 3 months.

The subject of the decision:

Bedale Craft Yard (BCY) and Evolution/Leeming Bar Food Enterprise Centre (LBFEC) were developments that Homes and Communities Agency (HCA) were reviewing as part of the legacy of funding agreements that the Council entered into with Yorkshire Forward. The proposal was for the Council to pay a one-off lump sum to HCA in order to be released early from its obligations of two funding agreements before the official end dates which were 2026 for Bedale Craft Yard and 2029 for LBFEC/Evolution.  The funding agreements required the Council to pay partnership payments each year which are a % of net income for that financial year.  In addition to approval by Cabinet, the proposed payment figure was subject to approval by the Board of HCA.

Alternative options considered:

None.

The reason for the decision:

Cabinet was satisfied that the buy-out of the funding agreements would be of benefit to the Council.

THE DECISION:

That Cabinet approves and recommends to Council that the buy-out of the funding agreements for Bedale Craft Yard and Evolution/LBFEC be approved as per the report and that the £157,940 be funded from the One-Off Fund with revenue being transferred back to the One-Off Fund over 3 years and 3 months.