To consider the report of the Executive Director of Investment and Delivery and the Portfolio Holder for Inclusive Economy and the Third Sector.
The appendix to this report will be considered as a Part Two item.
The LCR Combined Authority considered a report of the Executive Director of Investment and Delivery and the Portfolio Holder: Inclusive Economy and Third Sector which sought approval to award Strategic Investment Fund (SIF) to support the development and delivery of the LCR Tech Accelerator.
Councillor J Williamson, Portfolio Holder: Inclusive Economy and Third Sector, reported that approval; was sought for £4.1m of SIF revenue to fund the LCR Tech Accelerator over five years. This would be delivered by a new company limited by guarantee and would seek to leverage an additional £0.8m of funding for the project across the five years.
Members were informed that the project was designed to stimulate the growth of the tech sector in the City Region by developing a strong pipeline of business ready for investment, attracting national and global tech start ups to the City Region to create local job opportunities, development connections to high quality networks of entrepreneurs, talent mentors and investors and attracting national and international mentors and investors to engage in the City Region.
(i) The provision of £4.1m funding from the Strategic Investment Fund for the project be approved; and
(ii) Delegated authority be granted to the Executive Director of Investment and Delivery to finalise negotiations of detailed funding terms and associated agreements for the Project specified at (1) above in consultation with the Combined Authority Monitoring Officer and Combined Authority Treasurer.