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.