Decision details

(1)  To increase the provisional capital programme item for the Somer Valley Enterprise Zone from £2.6m to £11.9m to incorporate the additional £9.3m external funding from WECA.

(2)  To delegate authority to the Director of Capital and Housing Delivery in consultation with the S151 Officer to:

(i)  Make variations to funding agreements via the Change Request procedure.

(ii)  Move provisional capital approval to full approval upon entry to funding agreements and commitment to proceed on expenditure.

The Somer Valley Enterprise Zone is a priority in the adopted Local Plan and the Bath and North East Somerset Economic Strategy under Decision E3499.

Do nothing – the Council leaves it to the market to bring the development forward. However, given the market failure as well as the complexity and expense of up front infrastructure costs, it is unlikely the scheme would be delivered.

Do not accept the funding award – the Council would be reliant upon private landowners and the private sector to fund the scheme. Due to the reasons outlined it is unlikely the scheme would be delivered.