That the Economic Growth Fund Opportunity 19/05/20(a), as set out in the Exempt Cabinet Minute 99f, be approved.

To enable the Council to provide financial support to a local organisation to assist with economic regeneration within Torbay.

The following alternative options were set out in the submitted report:

·         Not to provide the financial support as requested.

·         To provide financial support in a form that minimises the Council’s exposure to risk.

·         To provide financial support in a form that is acceptable to the organisation but does expose the Council to a greater level of financial risk.

The decision in respect of Economic Growth Fund Opportunity 19/05/20(a) will come into force immediately as the decision maker has decided that any delay likely to be caused by the call-in process would prejudice the Council’s interest.  The Overview and Scrutiny Co-ordinator was consulted on 15 May 2020.

The Cabinet considered the submitted exempt report on the proposed financial assistance to a local organisation in line with the Council’s approved Economic Growth Fund Criteria.  The proposed financial assistance would support economic regeneration within Torbay.

Councillor Morey proposed and Councillor Long seconded a motion which was agreed unanimously by the Cabinet as set out above.

None.