Decision details

The purpose of this report is to seek approval to proceed with the development of Fareham Innovation Centre Phase 2 and to include provision for the scheme within the Capital Programme.

Owing to the remarkable success of Fareham Innovation Centre, it is now being proposed to build a second phase, immediately adjacent to the existing building.

The purpose of this second phase is twofold. First of all it will provide some larger space to enable businesses within the first phase to grow and move on, thus retaining their jobs and skills within the immediate area. Secondly it will provide more small office and workshop space to enable new start-up businesses to move into the Centre and be supported to prosper and grow in their early years.

The total estimated cost of the scheme is £6.6m and authority is sought to add this to the Capital Programme.  However, a bid for a grant of £1.980m has been submitted to the Solent LEP under the Solent Local Growth Deal.  If successful, this will reduce the Council's borrowing requirement, although the outcome of the submission will not be known until later in 2016.

RESOLVED that the Executive:

(a)  agrees in principle to proceed with Fareham Innovation Centre Phase 2, with provision of £6.6m being made for the scheme within the Capital Programme;

(b)  notes that if the application for grant funding from the Solent Local Growth Deal is unsuccessful, the business case will be reviewed by the Director of Finance and Resources to consider scheme viability, who will make recommendations to the Executive;

(c)  grants delegated authority to the Director of Finance and Resources to appoint a design team to complete that pre-construction phase of work;

(d)  grants delegated authority to the Director of Finance and Resources in consultation with the Executive Leader, to accept a tender for the construction of the scheme provided it is within the capital budget and funding is secured; and

(e)  notes the membership of the Members Daedalus Working Group as Councillors J E Butts, T Cartwright, M J Ford and Mrs K Mandry and an opposition group member, to be advised.