Decision details

Consideration was given to a report on an invitation from AstraZeneca Uk Ltd for the Council to participate and invest in a Joint Venture Company to establish and operate a BioScience Incubator Centre for new and existing small businesses in the bioscience sector at AlderleyPark.

RESOLVED

1.  That in principle, agreement is given to proceed in collaborating with AstraZeneca UK Ltd and other interested parties in order to establish a not-for-profit Joint Venture Company with the purpose of promoting and providing business incubation premises and support to businesses in the bioscience sector.

2.  That the Council seeks to become a member of the Joint Venture Company, with the representation of the Portfolio Holder for Prosperity & Economic Regeneration as its nominated Director.

3.  That the Council agree to support the allocation of £1m funding to the Joint Venture Company in the form of a repayable loan subject to:-

i) Confirmation that the loan will not be considered as State Aid resulting in a requirement to notify the European Commission, and the resulting potential requirement for the Council to recover part of the loan interest from the Joint Venture Company.

ii) The loan being repayable to the Council upon key milestones being achieved and that these milestones are determined during the due diligence process to ensure that they support the development of the Bio Science incubator.

iii) The approval of the project business case that is in the process of being taken through the TEG/EMB project approval process.

4.  That responsibility for approving the terms of the final agreement and entering into the Joint Venture Company be delegated to the Interim Chief Executive (or his identified nominee), in consultation with the Cabinet Member for Prosperity and Economic Regeneration, and subject to consideration by the Monitoring Officer and the Chief Financial Officer.