Decision details

The Service Director – Economic Growth presented a report recommending for approval a request for a loan from Chesterfield Borough Council to support the next phase of development activity at Peak Gateway.

The overarching aim of the requested funding would be to support the owners and their development partners to carry out the necessary ground investigations and next phase of detailed design ahead of encouraging investors to fund construction of the Peak Gateway project.

A summary of the business case, which included a breakdown of costs and timescales, was attached at Appendix 2 of the officer’s report.

*RESOLVED –

1.    That Chesterfield Borough Council provide a loan to Baylight Properties to support the next phase of development activity for the Peak Gateway project as set out in section 4 of the officer’s report.

2.    That the loan be approved on the terms set out in section 5 of the officer’s report.

3.    That the Service Director for Economic Growth, in consultation with the Cabinet Member for Economic Growth and in conjunction with the Service Director for Finance and the Procurement and Contract Law Manager, be granted delegated authority to finalise the terms of the Peak Gateway project loan arrangement between Chesterfield Borough Council and Baylight Properties.

REASONS FOR DECISIONS

1.    In December 2019 the council gave approval as part of a report on Business Rates policy for Markham Vale Enterprise Zone for investment in three key programme areas: key projects delivery, economic growth activities and skills activities; and for the funding to be particularly targeted at unlocking and accelerating key developments and sites and delivering better outcomes for local communities.

2.    The successful development of Peak Resort is highlighted as one of several key developments under the Council Plan 2019-23 priority “to make Chesterfield a thriving Borough”. The Plan states that the council has been “working with Peak Resort and other businesses to maximise employment opportunities for local people. The Peak Resort will provide 1,300 jobs when it opens, and hundreds more during the construction phase”.