To provide further detail regarding the outcome of the Innovation Bridge European Regional Development (ERDF) funding bid, as a follow on from the European Structural Investment Fund paper which was approved by Executive on 6 October 2015.

1.      That the further detail provided on the Innovation Bridge European Regional Development Fund bid, including the budget, outcomes and any associated  impacts and risks to the Council, be noted.

2.      To enter into the funding agreement with DCLG for this project to enable it to commence.

3.      To delegate authority to the Director of Regeneration and Business and the Section 151 Officer to make any minor amendments to the funding agreement, in consultation with the Executive Member for Regeneration and the Executive Member for Education and Skills.

The Executive had agreed previously that each project proposed under the European Structural Investment Fund (ESIF) should be the subject of a report seeking approval before its commencement.

In view of this, the Executive considered a report of the Executive Member for Regeneration on the outcome of the Innovation Bridge European Regional Development (ERDF) funding bid.

This bid built on the previously successful Innovation Bridge project which had ended in August 2015. The current bid proposed to expand the previous delivery of innovation and support to small and medium sized businesses within the local area  to enable them to grow.

Commencement would be from 1 April 2016 for a period of three years, and the Department for Communities and Local Government (DCLG) would require this Council to enter into a funding agreement.

Reason for Decision: To enable the successful outcomes delivered by the  previous Innovation Bridge programme to be secured for the future..

RESOLVED:

1.            that the further  detail provided on the Innovation Bridge European Regional Development Fund bid, including the budget, outcomes and any associated  impacts and risks to the Council, be noted;

2.            to enter into the funding agreement with DCLG for this project to enable it to commence;

3.            to delegate authority to the Director of Regeneration and Business and the Section 151 Officer to make any minor amendments to this funding agreement, in consultation with the Executive Member for Regeneration and the Executive Member for Education and Skills.