Decision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To obtain the approval of the Executive to fund the construction of new industrial/ business units at Faraday Business Park, in line with the adopted Daedalus vision and capitalising on the interest shown by potential occupiers.
The Daedalus Vision and Outline Strategy was adopted in October 2015;
Objective 1 of the strategy included “to unlock the potential of the airfield’s land and infrastructure assets through new commercial development,….”.
Objective 4 of the strategy included “To further improve the infrastructure and facilities at the airfield, by enhancing its quality and making it more attractive to visitors and to new business”.
Faraday Business Park has proven to be an attractive and popular location. Further potential occupiers have expressed interest in locating on Faraday but in the main have felt unable or unwilling to fund or undertake the construction of a building. To capitalise on success to date and ensure the ongoing development of the location it is therefore proposed that several industrial/ business units are built speculatively by the council to accommodate this interest, thus increasing the number of businesses on site and rental income generated.
This paper seeks approval of £5.0m of capital to construct new industrial/ business units on Faraday Business Park in line with the adopted strategy. This capital will be funded via prudential borrowing.
RESOLVED that the Executive agrees that:
(a) funding of £5.0m is approved to construct new industrial/business units at Faraday Business Park, and
(b) appointment of a contractor for the development is delegated to the Director of Finance and Resources following consultation with the Executive Member for Policy and Resources.
Publication date: 09/01/2019
Date of decision: 07/01/2019
Decided at meeting: 07/01/2019 - Executive
Effective from: 19/01/2019
Accompanying Documents: