Issue - meetings

To consider the joint report of the Director Economy and Development and Head of Economy and Tourism.

Scrutiny Committee – Economy considered the report at their meeting on 7 June 2007 and their comments will be reported.

(Report circulated)

The report of the Head of Economy and Tourism and Director Economy and Development was submitted seeking approval for an investment of £750,000 in the development of the proposed science park as a contribution towards the equity of at least £3 million required to progress the first stage of the project.

Scrutiny Committee – Economy considered the report at their meeting on 7 June 2007 and the comments and support of members were noted. Executive members enquired whether control of the Science Park would be proportionate to the contributions made by partners. They also emphasised their desire for “Exeter” to be incorporated in the title of the Park.  The Director Economy and Development noted the comments of members and stated that a report back would be made on the company structure in due course.

RECOMMENDED that the City Council approves an investment of £750,000 in the development of the science park as a contribution towards the equity required to progress the first stage of the project.

(Report circulated)

To consider the joint report of the Director Economy and Development and Head of Economy and Tourism –

report circulated. 

Councillor Choules declared a personal interest as an employee of Exeter University.

Councillor Hannaford declared a personal interest as a Member of Devon County Council. 

The Head of Economy and Tourism outlined the case for an investment of £750,000 towards the development of the proposed Science Park, as a contribution towards the first stage of the project. A Business Plan has now been prepared, which includes a financial plan with broad details of the proposed investment needs and proposals for future management of the Science Park.

A Member enquired about the contribution made by the City Council and what level the University and County Council would be making.  He was advised that the University were investing a similar amount with the County Council still to determine their contribution.  The Member queried the future status of the venture, should Exeter’s unitary bid be successful and was advised that based on the commitment of all partners in the last two years, the progression of this project was likely to remain unchanged as the Science Park represents a real economic opportunity for the whole sub region. 

Scrutiny Committee – Economy noted the report and recommended to Executive that the investment of £750,00 be approved. 

(Report circulated)