Agenda item

This report sets out the further progress on the delivery of the Enterprise Zone and related activity at Blackpool Airport and outlines activity planned for the next fourteen months to the end of financial year 2022/23

The Executive resolved as follows:

The Executive resolved as follows:

1.         To agree that Appendices 7b and 7c are not for publication by virtue of Paragraph by virtue of Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 as they include detailed budget estimates and contingencies that enable the Enterprise Zone to be financially viable. The publication of the costings would undermine the Council’s position in continuing and future negotiations.

2.         To note the progress made on the delivery of the Enterprise Zone Masterplan.

3.         To note the higher levels of risk associated with the overall whole life expenditure and income forecasts, given the present volatile nature of the economy and uncertainty over the long term format of business rates.  

4.         To note:

•          the total estimated cumulative expenditure from April 2016 to the end of financial year 2021/22 of £14.36m

•          the whole life expenditure forecast to the end of the Enterprise Zone in 2041 of £73.01m at present values, plus the associated costs of prudential borrowing and

•          the estimated forecast whole life income of £74.25m as set out in paragraph 6.11.

5.         To approve the forecast expenditure budget to the end of financial year 2022/23 of £19.82m increasing the total approved cumulative expenditure by £0.92m from £28.8m to £29.72m plus associated costs of Prudential Borrowing, as set out in paragraph 6.11.

6.         To note, as set out in paragraph 6.7, that the Towns Fund project is included within the overall forecast at an estimated total cost of £18m (with a grant of £7.5m and match funding of £10.5m) and will incur expenditure of c£9.4m beyond the period to end of financial year 22/23, in the three years to financial year 25/26. A further detailed report in respect of this element of the programme will be submitted to Executive in Summer 2022 when costings are finalised.   

7.         To reconfirm and note the delegation to the Chief Executive, after consultation with the Leader of the Council, to authorise expenditure on individual schemes and property acquisitions within the Enterprise Zone and inter-related airport holdings of Blackpool Airport Properties Ltd (BAPL).