Decision details

Health Innovation Campus Growth Deal Funding Approval

Decision status: Recommendations approved

Is Key decision?: No

Decisions:

Graham Cowley, Chair of Growth Deal Management Board, presented a report (circulated) that requested LEP Board approval to the Health Innovation Campus Growth Deal Funding application.

 

Resolved:  The LEP Board approved the following provisions relating to a maximum Growth Deal funding approval of up to £17M towards Lancaster University's Health Innovation Campus project:

 

i.  A funding approval of up to £17M is given subject to Lancaster University identifying alternative sources of funding or exploring the possibility of scaling down or re-phasing the project in the event that European Structural and Investment Funds (ESIF) are unavailable;

 

ii.  That approval be given to an initial drawdown of a maximum of £1.5M of Growth Deal funding, prior to ESIF or alternative funding having been secured, which will be subject to clawback provisions in the Grant Funding Agreement (GFA);

 

iii.  That in the event of further clarity regarding secured funding for the project not being provided by the end of Quarter 1 2017/18, the Growth Deal Management Board will undertake a review of the project and inform the LEP Board of its findings;

 

iv.  That the Growth Deal Management Board receive further updates in relation to any requirements for the clawback of Growth Deal funding or the scaling down/re-phasing of the project in the event that reduced funding is secured; and

 

v.  That the Growth Deal Management Board receive an update on the Health Innovation Campus project at each future meeting.

Report author: Kathryn Molloy

Date of decision: 08/11/2016

Decided at meeting: 08/11/2016 - Lancashire Enterprise Partnership Limited

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