Issue - meetings

Following a report of the Director of Place, the Economy Policy Development Group made the following recommendation:

·       That Cabinet approve of the direction and level of investment proposed for the Rural England Prosperity Fund.

The Cabinet were presented a report which sought approval for the submission of an ‘Addendum’ to the Shared Prosperity Fund Investment Plan for Mid Devon in order to draw down the Rural England Prosperity Fund allocation.

The following was highlighted:

• The Rural England Prosperity Fund was an additional sum of Government funding which had been offered as a top-up to rural districts ‘to build on and complement the Shared Prosperity Fund’ (SPF).

·         Mid Devon has been allocated £817,000 on top of the £1,064,000 already allocated under the SPF, to be used as capital funding in years 23-24 and 24-25 of the scheme.

·         It was suggested that the funding be divided across the following priority areas: business innovation & technology grants; local food initiatives; market area enhancements; development of a business innovation centre; stainable tourism and grants that supported community businesses and community infrastructure, including community energy companies.

·         Rural stakeholders have been consulted on the proposed interventions and their feedback has been incorporated into the bid.

RESOLVED: That Cabinet

1.    Approves the investment priorities set out in the Rural England Prosperity Fund Addendum and the level of proposed investment in each priority area.

2.    Delegated authority be given to the Director of Place (in consultation with the Portfolio holder for Planning and Economic Regeneration) to finalise the funding priorities and submit the bid on behalf of the Council.

(Proposed by Cllr R Chesterton, seconded by Cllr C Slade)

Reason for decision – as set out in the report.

To receive a report from the Director Place updating members on activities undertaken as part of the Devon Economic Recovery Plan and progress with the Shared Prosperity Fund Implementation Plan, including the initiatives proposed under the Rural England Prosperity Fund.

An officer presented a report which provided an update for Members on activities undertaken as part of the Devon Economic Recovery Plan and progress with the Shared Prosperity Fund Implementation Plan, this included the initiatives proposed under the Rural England Prosperity Fund.

The officer stated:

·       The allocation received through the shared prosperity fund would be the main funding mechanism for funding local economic interventions. Mid Devon received circa £1million of funding.

·       Funding was expected to be received in October 2022, however, this had been delayed.

·       Mid Devon had also received an additional £800k from the Rural England Prosperity Fund. This was a capital grants only programme which meant that there were limits to what this funding could be used for.

·       There were two main priorities under the Rural England Prosperity Fund, which included, to support rural businesses and farm diversification and for community infrastructure to be supported.

·       Community work hubs were a potential opportunity to support.

Members considered:

·       When this funding would be received. An officer explained that it was hoped the projects could be started soon after Christmas 2022. 

·       Mid Devon District Council had a capacity issue and the delayed funding would make implementation challenging. 

·       Mid Devon would benefit from this funding, however, what due diligence would be carried out when awarding grants to businesses. An officer reassured that the application process would contain sufficient due diligence.

·       How the split between investment priorities was determined. An officer explained that these were indicative figures and that it would be used as flexibly as possible. The percentages indicated was a preference and the number of applications could influence the funding split.

RESOLVED: That the PDG recommend to the Cabinet approval of the direction and level of investment proposed for the Rural England Prosperity Fund.

(Proposed by the Chairman)

Reason for decision: as stated in the report.