Decision details

It was RESOLVED that:

a)    the progress made to date of the East Midlands Development Corporation Programme, and the establishment of an interim vehicle be noted;

b)    the principle of making a financial contribution to support the interim vehicle over the next three years be approved, subject to further negotiation and agreement by Council and subject to match funding from other affected local authorities and Government and, thereafter, the funding arrangements be included within the Medium Term Financial Strategy for 2021/22 onwards;

c)    the Chief Executive be requested to prepare a report including further detail on the Interim Vehicle and Rushcliffe Borough Council’s involvement in it, to be ratified by Full Council in December 2020; and

d)    the Council entering into the Members’ Agreement and participating in the incorporation of the Interim Vehicle Company Limited by Guarantee be approved in principle, and delegated authority be granted to the Leader and Chief Executive for agreeing the final form of the Members’ Agreement and Articles of Association subject to agreement by Council.