To consider the submitted report on the creation of a £100m Torbay Economic Growth Fund to stimulate Torbay’s economy and the recommendations of Cabinet as set out in the Record of Decision which will be published following the Cabinet Meeting on 9 July 2019.

The Council considered the recommendations of the Cabinet (as set out in the Cabinet Record of Decision and submitted report) on a proposal to introduce the Torbay Economic Growth Fund.  It was the noted the Fund would be used for making investments to accelerate the development of the local economy in line with the Council’s and its partners’ objectives.  A revised Cabinet proposed motion was circulated prior to the meeting.

 

Councillor Long proposed and Councillor Cowell seconded the motion, as set out below:

 

(i)         that a Torbay Economic Grown Fund be established and up to £100 million of prudential borrowing be approved for the progress of a range of capital projects for economic growth and regeneration within Torbay and, to be funded from the future income from those projects;

 

(ii)        that Council delegates to Cabinet the approval of each project, or a number of linked projects, subject to a business case that demonstrates the regeneration outcomes and that the borrowing required to initially fund the project is prudent and affordable;

 

(iii)       that TDA be asked to provide a report back to Cabinet for final approval to confirm the criteria against which the Torbay Economic Growth Fund would be allocated;  and

 

(iv)       that TDA prepare acquisition and development reports for projects within the Borough of Torbay, which will accelerate the Council’s ambition of a thriving economy and in particular to instruct officers to:

 

a)         Bring a report back to Cabinet setting out projects for inclusion in a refreshed and prioritised Town Centre Regeneration Delivery Strategy, including the projects identified in this report, and associated budget requirements.

 

b)         Bring forward proposals for appropriate regeneration schemes for Union Street.

 

c)         Present to Cabinet the emerging Supplementary Planning Document for delivery of housing on Phase 1, Victoria Centre.

 

d)         Present to Cabinet a full business case for the redevelopment of Brixham Town Centre Car Park, in line with community aspirations.

 

e)         Explore, and present to Cabinet, options for any Joint Venture Partnership arrangements linked to the Torbay Economic Growth Fund.

 

f)          Present to Cabinet proposals for refreshed governance arrangements, for integrated and speedier delivery of town centre regeneration.

 

g)         Present to Cabinet proposals to develop with the private sector Torbay Business Park, Paignton.

 

h)        Present to Cabinet proposals for additional workspace at Lymington Road, Torquay.

 

i)          Present to Cabinet proposals for strategic acquisitions in support of the Council’s employment growth objectives.

 

During the debate Councillor David Thomas proposed and Councillor Kennedy seconded an amendment to the motion (which was circulated prior to the meeting) as follows:

 

(iii)       that the Cabinet be requested to prepare a Torbay Economic Growth Fund Policy for recommendation to Council for inclusion in the Policy Framework. TDA be asked to confirm the criteria against which the Torbay Economic Growth Fund would be allocated;  and

 

(iv)       that TDA prepare acquisition and development reports for projects within the Borough of Torbay, which will accelerate the Council’s ambition of a thriving economy and in particular to instruct officers to:

 

a)            Bring a report back to Cabinet setting out projects for inclusion in a refreshed and prioritised Town Centre Regeneration Delivery Strategy, including the projects identified in this report, and associated budget requirements.

 

b)            Bring forward proposals for appropriate regeneration schemes for Union Street.

 

c)            Present to Cabinet the emerging Supplementary Planning Document for delivery of housing on Phase 1, Victoria Centre.

 

d)            Present to Cabinet a full business case for the redevelopment of Brixham Town Centre Car Park, in line with community aspirations.

 

e)            Explore, and present to Cabinet, options for any Joint Venture Partnership arrangements linked to the Torbay Economic Growth Fund.

 

f)             Present to Cabinet proposals for refreshed governance arrangements, for integrated and speedier delivery of town centre regeneration.

 

g)            Present to Cabinet proposals to develop with the private sector Torbay Business Park, Paignton.

 

h)           Present to Cabinet proposals for additional workspace at Lymington Road, Torquay.

 

i)             Present to Cabinet proposals for strategic acquisitions in support of the Council’s employment growth objectives.

 

The amendment was put to the vote and declared lost.

 

Councillor Long’s and Councillor Cowell’s original motion was then considered by the Council which was agreed (unanimously), as set out below:

 

(i)         that a Torbay Economic Grown Fund be established and up to £100 million of prudential borrowing be approved for the progress of a range of capital projects for economic growth and regeneration within Torbay and, to be funded from the future income from those projects;

 

(ii)        that Council delegates to Cabinet the approval of each project, or a number of linked projects, subject to a business case that demonstrates the regeneration outcomes and that the borrowing required to initially fund the project is prudent and affordable;

 

(iii)       that TDA be asked to provide a report back to Cabinet for final approval to confirm the criteria against which the Torbay Economic Growth Fund would be allocated;  and

 

(iv)      that TDA prepare acquisition and development reports for projects within the Borough of Torbay, which will accelerate the Council’s ambition of a thriving economy and in particular to instruct officers to:

 

a)         Bring a report back to Cabinet setting out projects for inclusion in a refreshed and prioritised Town Centre Regeneration Delivery Strategy, including the projects identified in this report, and associated budget requirements.

 

b)        Bring forward proposals for appropriate regeneration schemes for Union Street.

 

c)         Present to Cabinet the emerging Supplementary Planning Document for delivery of housing on Phase 1, Victoria Centre.

 

d)        Present to Cabinet a full business case for the redevelopment of Brixham Town Centre Car Park, in line with community aspirations.

 

e)         Explore, and present to Cabinet, options for any Joint Venture Partnership arrangements linked to the Torbay Economic Growth Fund.

 

f)          Present to Cabinet proposals for refreshed governance arrangements, for integrated and speedier delivery of town centre regeneration.

 

g)        Present to Cabinet proposals to develop with the private sector Torbay Business Park, Paignton.

 

h)        Present to Cabinet proposals for additional workspace at Lymington Road, Torquay.

 

i)          Present to Cabinet proposals for strategic acquisitions in support of the Council’s employment growth objectives.