At Cabinet on the 7 July 2015, the Authority agreed to offer a secured loan of up to £1.5m on commercial terms to the businesses at Dalton for the purpose of financing the Dalton Highway and Bridge Scheme and repaid for through business rates growth.  This report seeks approval for the Dalton Industrial Estate Business Improvement District (BID), seeks agreement that the £1.5m loan is funded from the Economic Development Fund Reserve and seeks approval for expenditure from the Economic Development Fund to cover the cost of legal fees in setting up the loan agreement.

In accepting the recommendations, Cabinet will approve, subject to the Council adopting a policy in relation to BIDs, that the principle of establishing the Dalton Bridge Business Improvement District is approved; the Council waives the administration charges to collect the new BID levy; the BID ballot be run by Election Services; the loan of up to £1.5m is funded from the Economic Development Fund; and the legal costs associated with the loan agreement of approximately £20,000 are funded from the Economic Development Fund.

The subject of the decision:

This report sought approval for the Dalton Industrial Estate Business Improvement District (BID), agreement that the £1.5m loan be funded from the Economic Development Fund Reserve and sought approval for expenditure from the Economic Development Fund to cover the cost of legal fees in setting up the loan agreement.

Alternative options considered:

None.

The reason for the decision:

To comply with the Business Improvements Districts (England) Regulations 2004.

THE DECISION:

That, subject to the Council adopting a policy in relation to BIDs:-

(1)     the principle of establishing the Dalton Bridge Business Improvement District be approved;

(2)     the Council waives the administration charges to collect the new BID levy;

(3)     the BID ballot be run by Election Services;

(4)     the loan of up to £1.5m be funded from the Economic Development Fund; and

(5)     the legal costs associated with the loan agreement of approximately £20,000 be funded from the Economic Development Fund.