Issue - meetings

Report of the Cabinet Member Finance to follow

RESOLVED THAT

The recommendations be approved.

The Cabinet Member Finance introduced the report and explained that research undertaken found that Cheltenham’s 1,027 creative businesses constituted nearly 11% of the town’s businesses, but currently employed only 4.5% of its workforce and contributed just 6% of its GVA. Cheltenham’s creative sector was significantly underperforming in comparison to towns of equivalence. She believed that this in itself made a compelling case for additional and urgent intervention, such as support for the Workshop Cheltenham project.

She explained that a collaboration of creative entrepreneurs, working with Creative England and the Gloucestershire LEP, had approached the council to facilitate the creation of ‘Workshop Cheltenham’, which represented an innovative concept offering low cost start-up space for the creative industries and an economic growth hub, housed in remodelled shipping containers.

Set in a historical and cultural quarter of the town centre the innovative 31 studio-style modular units would offer next generation technology, flexible and affordable co-working spaces over two floors, a Growth Hub business support centre, state-of-the-art 300-person capacity performance area with an education space.

The Cabinet Member reported that the site identified for Workshop Cheltenham was Chester Walk car park located behind Cheltenham’s central library building, adjacent to St Mary’s churchyard. The car park was owned by Gloucestershire County Council (GCC) and currently used for parking by key social services staff.

The council has been working with Workshop Cheltenham, GCC and the LEP to find a solution to accessing Chester walk car park in order to facilitate the delivery of the proposal in this location. Following lengthy dialogue, with GCC, CBC was proposing a land swap between Chester Walk car park and part of St George’s road car park to release the Chester Walk site. CBC would then enter into a lease with Workshop Cheltenham in order to allow them access to Chester Walk to construct the Workshop facility

The Cabinet Member Finance reported that a number of private funders were interested in the scheme, however the lack of freehold for the site has lost their interest. As a result the council was now required to consider options for that funding. If the council did not invest in workshop then it was highly unlikely for the workshop development to go ahead and therefore significant benefits for the town would not materialise which fulfilled the key strands of the Place Strategy where culture and creativity thrived.

The Leader acknowledged that the project had taken a considerable amount of time to get to this point and he wholeheartedly supported it. It represented an exciting development for the town.

RESOLVED THAT

1.    the proposal for an investment into or with Workshop Cheltenham Limited (WSC) to facilitate the delivery of the facility, including a tier 2 growth hub, on Chester Walk car park be approved;

2.    the principle of the investment up to a maximum value of £1.7m subject to further due diligence be approved;

3.    authority be delegated to the Executive Director Finance and Assets, in consultation with the Cabinet Member for Finance and the Borough  ...  view the full minutes text for item 15