Issue - meetings

Report by Executive Director with responsibility for Development and Economic Growth

The Committee gave consideration to a report providing an update on the progress made with regard to the Lorn Arc initiative that utilises additional non-domestic rates income to enable the Council to borrow against for the purposes of infrastructure investment in the Lorn Arc defined area that focuses on Oban and its surrounding area.  The update included the latest financial modelling and information to support the recommendations of the report relating to further release to funds to take forward the remaining projects of interest.

Decision

The Policy and Resources Committee –

1.    Agreed to the allocation of circa £5,000 covering final costs relating to Project 1 - Kirk Road Upgrade - to the TIF Programme.

2.    Agreed to the allocation of up to £640,000 for Project start-up costs relating to Project 2 : Dunbeg Gateway Features and Project 3 : Halfway House Roundabout.

3.    Noted the renewed occupier interest in the Oban Airport Business Park and approved utilising the remainder of the current funding previously approved by the Policy and Resources Committee for Oban Airport Business Park (£107,321) to procure consultancy support to develop the business case to justify further capital investment.

4.    Agreed that Officers would look into re-establishing an officer-member working group to take forward proposals and bring a report back to the next Policy and Resources Committee with more detail of the composition and remit of the group.

(Reference:  Report by Executive Director with responsibility for Development and Economic Growth dated 8 April 2021, submitted)