Agenda item

Francesca Bell, Assistant Director of Growth and Development:

a)    presented Performance Scrutiny Committee with an update on Economic Growth across the City including contextual measures and the City Council’s activities that influence Inclusive Growth within the City and surrounding areas.

b)    the report provided:

-       an update on the projects delivered as part of Economic Growth since the end of Vision 2020

-       an update on Vision 2025 projects to date

-       information on contextual indicators either directly or indirectly influenced by the Councils efforts to increase inclusive economic growth

-       narrative on what this data meant and how this could be affected in the future.

c)    invited members’ questions and comments.

Question: Members asked how inflation was affecting projects.

Response: When the HIVE project fell through there was £1m left in the fund. This money was then used to test the projects that were left to see if they were viable and whether they could use more funding. Quarterly monitoring took place with all of the projects and the situation was regularly being monitored. Most project were already in contract with fixed prices.

Question: Members asked why Greetwell Place was to make a deficit when the office space was at 100% capacity.

Response: The £16k deficit was not a deficit as such. The building was owned by Investors in Lincoln, and we Manage the running of it. The management agreement was up for renewal and so we have lost £16k this year but then next year this will increase.

Question: Members asked if the 1 inward investment enquiry was one that we pursued or 1 total that had been received.

Response: This was during a period of covid where we had a reduction in inward investment enquiries.

Question: Members asked what was happening with the arranging of a Place Board.

Response: We had an approach to establishing a Place Board which was done in February 2022 at the same time UKSPF came along and we thought there was a need for a board with UKSPF as this was included in the guidance. Work was being carried out to ensure that Place Board helped to shape the UKSPF and needed to make sure that what was put in place added value to Lincoln. More work needed to take place with partners.

Question: Members asked why the bus station was still predicting a deficit.

Response: The bus station was seen as an investment in the economy and the station was still operating at 75% due to covid. The City of Lincoln Council had always subsidised the Bus station and hence the operating model as not fit to make a surplus.

Question: Members asked if there were any thoughts for investment zones in Lincoln.

Response: There were a number of concerns around investment zones and Lincolnshire was not an area that was approached for these developments. There was an issue for Lincoln and Lincolnshire on how we compete for investment when areas around us could offer something that we couldn’t. In terms of the City, the Science and Innovation Park was potentially somewhere where an investment zone could be located. More money was needed by the Science and Innovation Park to increase the investments in that area.

Question: Members asked if we had any influence in the level of skills that people have/can take.

Response: Attainment results were better than what we had achieved in a long time and The City of Lincoln Council has very little influence on this.

Question: Members asked how viable the Western Growth Corridor was.

Response: The viability of the project was constantly being reviewed. A piece of work was taking place for the costings of the opening of the first phase alongside and risks and options available.

RESOLVED that the report be noted.