The Cabinet Member with the Economy and Regeneration Portfolio introduced the report of the Director of Economic Growth updating Members on Ingenium Parc and requesting that consideration be given to the granting of delegated authority for the completion of the associated Funding Agreement; releasing the capital funding to allow the first phase of infrastructure works to commence; and land and property matters arising in order to deliver the Masterplan. The submitted report stated Ingenium Parc was a 40-hectare greenfield development site adjacent to a number of established advanced manufacturing and engineering businesses; the site had been earmarked as a strategic employment site; and that to open up the Phase One land, infrastructure works were required.

That the Director of Neighbourhood Services and Resources be authorised to conclude the Funding agreement, with the Tees Valley Combined authority, in relation to the Local Growth Fund contribution; that £4.959m of capital funding be released upon completion of the Funding N/Agreement to deliver works at Ingenium Parc, as described in paragraphs 19 and 20 of the submitted report; and that the Director of Economic Growth be authorised to acquire third party interests at Ingenium Parc and to settle any compensation arising under the Tenancy Agreement.

Reasons - The project will stimulate, promote and help to manage development of the area in line with the Local Plan, employment Land Review and Interim Planning Statement – where it is identified as employment land for B1, B2 and B8 use.

To promote economic growth through opening employment land with the potential to create over 2000 jobs.

Positive addition to our inward investment sales portfolio.

N/A