Issue - meetings

(i)                            That the progress made to date on the development of the Chatterley Valley Industrial Park be noted.

(ii)                          That a further report be received detailing both the full business case and the evaluation of the full business case, once completed, to enable a decision to be taken regarding future investment in this project.

The Leader introduced a report updating Cabinet on progress with the Chatterley Valley West project and sought approval of Cabinet for a full business case review.

The Portfolio Holder for Finance, Town Centres and Growth stated that the project had the potential to create up to 1700 jobs.  Lucideon were currently based in Penkhull but wanted to move into Newcastle. 

A bespoke office and manufacturing business would be built and once completed, the buildings would be sold to the Council who would the rent it out to Lucideon.  The rent received would cover the interest on the loan and create an income stream.

A full financial appraisal of Lucideon was included at page 80 of the report, along with other information.

The Leader stated that the site had a long history with the west side awaiting development for many years and as a result of receiving the Town Deal money and the investment from the County Council this development had been able to move forward.

The Portfolio Holder for Strategic Planning stated that the development would create good quality jobs.  The Portfolio Holder for Leisure, Culture and Heritage stated that the development brought great potential to Kidsgrove and the surrounding areas.

Resolved:     (i)         That the progress made to date on the development of

The Chatterley Valley Industrial Park be noted.

(ii)           That a further report be received detailing both the full business case and the evaluation of the full business case, once completed, to enable a decision to be taken regarding future investment in this project.

Watch the debate here