Issue - meetings

DECISION

1.    That the recommendations of the Cabinet report dated 5 June 2019 be amended for the reasons set out in the report.

2.    That £170,000 be allocated to the Business Recovery Fund and delegate to the Director of Growth, in consultation with the Chief Finance Officer and Leader and Deputy Leader of the Council, the criteria and application process.

3.    That £30,000 be allocated to Support for the high street through use of technology and delegate to the Director of Growth in consultation with the Leader and Portfolio Holder for Finance, allocation of that funding.

4.    That £50,000 be allocated to a Feasibility Proposal Fund and delegate to the Director of Growth in consultation with the Leader and Portfolio Holder for Finance, allocation of that funding.

5.    That £50,000 be allocated to the Support for Business (short-term recovery) Fund, and delegate to the Director of Growth in consultation with the Leader and Portfolio Holder for Finance, allocation of that funding.         

Portfolio Holder and Officer

Cllr Skinner

MS

REASON FOR DECISION

Councillor Skinner presented a report, which set out proposals designed to utilise the Business Rates Pilot Fund monies to support the wider economic recovery of the borough of Boston following the impact of the COVID-19 lockdown.

The Department of Communities and Local Government (now the MHCLG) sought pilot areas as part of the 100% business rates localisation initiative and Lincolnshire was a successful applicant for pilot status in 2018/19. The benefits of the scheme totalled £388,000, which was placed in reserves.

Under the this scheme, Lincolnshire authorities had worked in partnership, on a voluntary basis, giving them scope to generate additional business through collaborative effort and to smooth the impact of volatility in rates income across a wider economic area.

A report to Cabinet on 5^th June 2019 agreed a set of projects to which this funding was to be allocated. The Business Rates Localisation Pilot in 2018/19 provided a real opportunity to fund a variety of projects the Council would not normally have resources to fund and would help deliver the objectives of the Corporate Plan and Economic Development Plan, whilst promoting strong links with stakeholders.  The current position on the projects was set out in detail at Appendix 1. Several projects had been paused once the Government announced the proposed Towns Fund initiative, as it was considered that the Business Rates Pilot Fund might be better utilised to match fund Town Deal projects.  

By mid-February 2020, COVID-19 was becoming a national matter of concern, culminating with the Prime Minister announcing a national lockdown on 16th of March 2020. The impact on the wider economy immediately became a cause for concern. It was considered an appropriate time to review the existing projects and consider reallocation of the remaining funds to support the impact of COVID-19 on the Borough’s business community.  This report presented proposals to redirect the funding to projects that remained in line with the pilot’s bid proposals to support skills and the  ...  view the full minutes text for item 71