Issue - meetings

To receive and consider report 6/10 of the Head of Corporate Strategy. 

The Executive considered report 6/10 of the Head of Economy, Leisure, and Property.  This suggested that the council should act as an accountable body and forward-funding facility for three projects in Faringdon.  The South East England Development Agency (SEEDA) had funded these projects.  Funding was not available until project completion and the organisations hoping to secure the funding did not have sufficient funds to proceed but the council was able to provide the initial funds. 

The Oxfordshire Market Towns Forum had recommended three projects to SEEDA’s small rural towns funding body:

• The renovation of the Folly tower (funding of £25,000)
• A skate park for Faringdon (£21,000)
• A new community bus for Faringdon (£15,000)

SEEDA had yet to consider the funding requests.  However, if it rejected the requests, the council would not act as the accountable body.  If SEEDA approved the requests, it would enter into a contract with the council.  The council would make monthly claims to SEEDA.  There was a minimal risk for the council in funding these projects if these projects were not completed. 

Councillors concluded that without the council’s help, these projects would not be able to proceed.  The council’s involvement helped unlock match funding.  Therefore, the Executive agreed to the request and asked that the council’s assistance with these projects was publicised. 

RESOLVED

(a)       that the council acts as the accountable body for SEEDA-funded projects in Faringdon; and

(b)       that the Executive agrees to a forward-funding facility for SEEDA-funded projects in Faringdon, as set out in appendix 1 of report 6/10.