Decision details

RESOLVED that:

A     Cabinet approved the funding of approximately £7.2 million to develop Plot H of the Harlow Science Park into a range of ‘mid-tech’ units combining office, research and manufacturing/assembly space, to be known as Modus. The agreement of the final figure is to be delegated to Head of Finance and Deputy to the Managing Director in consultation with the Portfolio Holder for Resources and the Portfolio Holder for Economic Development following the appointment of a contractor and the agreement of a fixed price sum.

B    The development be retained by Harlow Council as an investment with the development likely to comprise a mix of long leasehold disposals providing a capital receipt and shorter leases providing an ongoing revenue stream.

C    The development be funded through borrowing repaid by the Enterprise Zone business rate uplift retention as agreed with the South East Local Enterprise Partnership (SELEP).