Cabinet:

• Agreed to enter into a Grant Agreement with the Greater London Authority (GLA) until 31^st March 2022 to provide an Innovation Hub designed to boost productivity and skills in Havering and across East London and improve the physical environment of the area for workers, students and visitors, focussing initially on the use of digital technologies in logistics, construction and related sectors. The Grant from the GLA is for £1,631,940.
• Approved match funding from the Council be provided to help fund the overall project derived from the value of staff time (£16,200), £800,000 from the London Strategic Investment Pot funding for connectivity in Rainham, £56,000 to be identified from business sponsorship/social value contributions or S106 (and if this is not identified by 2021/22 from the Council’s allocated Regeneration and Economic Development revenue budget. Match funding will also be provided by Havering College, Riverside BID and SEGRO at a combined value of £1,049,565. 
• Delegated authority to the Director of Regeneration Delivery to enter into Delivery Agreements with SEGRO, Havering College of Further and Higher Education and the London Riverside Business Improvement District to draw down delivery funding for the project of £309,400, £562,800 and £250,000 respectively, to deliver elements of the project and achieve agreed outcomes;
• Agreed to provide forward funding to the Riverside BID of £50,000 (capital) in 2019/2020 and £200,000 (capital) in 2020/2021 to enable them to fund the public realm improvements; and,
• Agreed a Statement of Intent with Havering College and SEGRO to confirm the partners’ intentions to develop and deliver the Innovation Hub and work together to take it forward; and,
• Noted that the process of appointing an operator for the Hub will be undertaken on behalf of the partners through the Council’s procurement processes.

Councillor Roger Ramsey, Cabinet Lead Member for Finance and Property presented the report to Cabinet for consideration.  The Grant Agreement sets out the proposals for funding to be received from the Good Growth Fund following agreement by the GLA for the Rainham Innovation Hub and Public Realm Agreements and is  ...  view the full minutes text for item 75