Decision details

2 December 2020

East Midlands Development Corporation – Interim Vehicle the Establishment of EM Devco Company Limited by Guarantee CLG

The Committee considered the reference from the Policy and Performance Committee.

RESOLVED that the expected financial contribution of £500,000 over three financial years funded from the Council’s general fund reserves, with the profile from 21/22, 22/23 and 23/24 to be confirmed, subject to the following conditions:

a)     That the funds will not be used in a manner which contravenes state aid rules,

b)     If the government decides not to financially contribute to the interim vehicle the Council, will reserve the right to review its financial commitment;

c)     If government policy changes so that the HS2 hub station does not come to Toton the Council, will reserve the right to review its position

d)     For consensus on a number of key points namely agreement by the council’s representative on the board to the annual business plan; changes to the articles, the process for appointment of independent directors and the decision to move to a statutory development company.

e)     That the council will look to ensure that the freeport proposition and any development on the Ratcliffe on Soar site is consistent with the Council's net carbon zero climate change strategy ambitions.

f)      That the council will look to ensure that the freeport proposition and any development on the Ratcliffe on Soar site is consistent with the Council's net carbon zero climate change strategy ambitions and contribute to regional resilience and clean growthand that the ambition for the national skills academy in the Broxtowe area be further developed and strengthened.