Issue - meetings
Update on the Solent Freeport business case proposals and any associated implications for Medium Term Financial Plan
Meeting: 23/03/2022 - Council (Item 66)
Report of the Cabinet Member for Growth providing an update on The Solent Freeport business case proposals and any associated implications for the MediumTerm Financial Plan.
Additional documents:
- Update on the Solent Freeport business case proposals and any associated implications for Medium Term Financial Plan
- Update on the Solent Freeport business case proposals and any associated implications for Medium Term Financial Plan
- Freeports - Formatted
- Appendix 1 - SFCL Board and Associate Members
- Appendix 1_SolentFreeportBoardandAssociateMembers, item 66
PDF 64 KB
- App 2_SolentFreeportRetainedBusinessRatesMoUv8finaldraft, item 66
PDF 1 MB
- Appendix 2 - Solent Freeport - Retained Business Rates MOU
- Freeports - Formatted
- Appendix 3 - SFCL - Investment Committee - Terms of Reference
- App 3_SFCLInvestmentCommitteeTermsofReferencev23finaldraft, item 66
PDF 494 KB
Minutes:
Report of the Cabinet Member for Growth seeking decision on the Solent Freeport proposals, support for the submission of the full business case and implications for the Council’s medium term financial plan.
Council noted the following updated figures to paragraph 16 and 17 of the report since it had been published:-
- Total UK jobs – 56,000 vs. Revised, draft FBC total UK jobs – 32,600
- Solent jobs (OBC / Council Report) – 28,400 vs. Revised, draft FBC Solent jobs – 16,000
- Solent GVA has been revised downwards from £2 billion (OBC / Council report) vs. £1 billion in the draft FBC.
In order to receive additional confidential information regarding the freeport debate the Mayor moved in accordance with Categories 3 (financial and business affairs), and 7A (obligation of confidentiality) of paragraph 10.4 of the Council's Access to Information Procedure Rules, as contained in the Council's Constitution, the press and public be excluded from the meeting for this to be provided. It was not in the public interest to disclose this information as it contained confidential and commercially sensitive information.
Council noted that Appendix 1 of the report had been removed since publication as it was out of date.
RESOLVED
(i) Council supports and endorses the strategic submission of the Full Business Case (FBC), in April 2022, as a Board Member and partner of Solent Freeport Consortium Limited, as part of National Freeport Programme Application process the final agreement of a Memorandum of Understanding (MOU) in relation to retained Business Rates and membership on the proposed Freeport Investment Committee.
(ii) To delegate authority to the Acting Chief Executive to make any minor amendments to the FBC, MOU and associated documents and submit as appropriate after consultation with the Leader of the Council, Executive Director for Finance and Commercialisation and Service Director Legal and Business Operations.