Issue - meetings

To consider the report of the Cabinet Member for Economic Development giving an update on the Solent Freeport. 

NOTE: This report is submitted for consideration as a general exception under paragraph 15 of the Access to Information procedure Rules in Part 4 of the Council’s Constitution, notice having been given to the Chair of Overview and Scrutiny Management Committee and the public. This is being presented under the General Exception due to the ‘evolving’ process, with documents still being worked on and deadlines only recently confirmed, this hasn’t enabled the usual approach via Forward Plan entries the statutory 28 day’s notice has therefore not been complied with.

DECISION MADE: (CAB 22/23 35906)

On consideration of the report of the Cabinet Member for Economic Development, having complied with paragraph 15 of the Council’s Access to Information Procedure Rules, Cabinet agreed the following:

(i)  To delegate to the Chief Executive, following consultation with the Cabinet Member for Economic Development, Executive Director - Finance and Commercialism (S151 Officer) and the Executive Director for Place, to agree the Memorandum of Understanding which Southampton City Council (as a participating rating authority) is expected to sign with Government as part of the arrangements for designating the Freeport.

(ii)  To note the work to agree an Investment Plan for submission to Government, detailing how the proceeds from the growth in business rates will be applied in support of the Freeport Objectives. Furthermore, that this Investment Plan will be agreed via the Retained Rates Investment Committee (RRIC) and Freeport Board, on which the Council is represented by the Cabinet Member for Economic Growth as a voting member, and with the Deputy S151 Officer as an ex-officio nominated representative for the RRIC.