Decision details

The Committee gave consideration to a report which provided them with an update on progress in relation to the Lorn Arc Tax Incremental Financing, the latest budget position as at the end of October 2018 and proposals to restrict future activities given the current status of ongoing projects and the lack of a positive business case to advance projects through a growth accelerator model.

Decision

The Policy and Resources Committee –

1.    Noted the updates on the Lorn Arc Programme provided in the paper.

2.    Agreed that in light of the updates provided on the individual projects (paragraphs 4.5 through to 4.16) that further consideration is given to the future of the Lorn Arc Programme with a report back to a future meeting of this Committee.

3.    Agreed that future reporting in the Lorn Arc will be limited to projects with potential for Tax Incremental Financing and the financial monitoring of the overall programme.

4.    Noted that the halfway house Roundabout remains as a potential project and that it will only be able to proceed if –

·         A robust business case shows that the additional NDR generated from the associated development would fund the necessary council borrowing.

·         The commercial developers of those NDR generating development sites provide appropriate legal agreements that contain sufficient certainty that those developments will go ahead within an appropriate timeframe.

(Reference:  Report by Executive Director – Development and Infrastructure Services dated November 2018, submitted)