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.