Decision - Economic Growth Fund Opportunity 20/05/20(b)

Economic Growth Fund Opportunity 20/05/20(b)

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Decision:

That the Economic Growth Fund Opportunity 20/05/20(b), as set out in the Exempt Cabinet Minute 99g, be approved.

(Note: the decisions in respect of Economic Growth Fund Opportunity 20/05/20(b) are restricted due to exempt information contained within the decisions.)

Reasons for the decision:

To enable the Council to acquire an asset to assist with economic regeneration within Torbay.

Alternative options considered:

None.

Implementation:

This decision will come into force and may be implemented on 2 June 2020 unless the call-in procedure is triggered (as set out in the Standing Orders in relation to Overview and Scrutiny).

Information:

The Cabinet considered the submitted exempt report on the proposed acquisition of a local asset in line with the Council’s approved Economic Growth Fund Criteria. The proposal would support economic regeneration within Torbay.

Councillor Steve Darling proposed and Councillor Carter seconded a motion which was agreed unanimously by the Cabinet as set out above.

Interests and Nature of Interests Declared:

None.

Publication date: 22/05/2020

Date of decision: 19/05/2020

Effective from: 02/06/2020

This decision has been called in by:

Councillor Karen Kennedy who writes Cabinet 19 May 2020 - Item 11, Appendix 4 - New Economic Growth Fund Opportunities as set out in the Record of Decision Entitled “Economic Growth Fund Opportunity 20/05/20(b)” Reasons for Call-in 1) the investment would result in Torbay Council incurring expenditure which will be significant in terms of its effects on communities living and working in the Authority area; and 2) it is inappropriate that Torbay Council uses its limited financial resources in this way. "
Councillor Jane Barnby who writes Called in for the reasons set out by Councillor Kennedy."
Councillor Hazel Foster who writes Called in for the reasons set out by Councillor Kennedy."
Councillor Judith Mills who writes Called in for the reasons set out by Councillor Kennedy."
Councillor Lynn Sykes who writes Called in for the reasons set out by Councillor Kennedy."
Councillor Chris Lewis who writes Called in for the reasons set out by Councillor Kennedy."
Councillor Jacqueline Thomas who writes Called in for the reasons set out by Councillor Kennedy."
Councillor John Kavanagh who writes Called in for the reasons set out by Councillor Kennedy."
Councillor Ray Hill who writes Called in for the reasons set out by Councillor Kennedy."
Councillor John Thomas who writes Called in for the reasons set out by Councillor Kennedy."
Councillor Barbara Lewis who writes Called in for the reasons set out by Councillor Kennedy."