Issue - meetings

To consider the attached report.

The Executive Board NOTED the update report and REQUESTED a meeting involving a representative of the Board, the Cambridge Promotions Agency and the Greater Cambridge Greater Peterborough Enterprise Partnership to discuss the future of the Agency.

Tanya Sheridan, City Deal Programme Director, presented a report which provided an update on the progress and direction of the Cambridge Promotion Agency.

It was noted that whilst the Agency was making a positive difference, it was unlikely to become self-sustaining financially within the next year.  No funding contribution had been received by the Local Enterprise Partnership or University to date and visiting investors did not expect to make financial contributions to the Agency on the way in, partly due to the fact that they were entertained lavishly in other competing regions.

Mark Reeve referred to a meeting of the Joint Assembly Local Enterprise Partnership Members that was scheduled to take place on 5 September 2016 and felt that further dialogue with the Local Enterprise Partnership and the Cambridge Promotions Agency would be useful in order to discuss possible expansion beyond its current remit.  Councillor Lewis Herbert, Chairman of the Executive Board, welcomed such a meeting.

It was noted that the investment already put into the Agency by the City Deal Partnership had been provided through the New Homes Bonus contributions of the three partner Councils.  Councillor Burkitt referred to the minutes of the meeting of the Board held on 6 March 2015, when the decision regarding this investment was made, and highlighted that it had been stated at that meeting that no further investment would be necessary.  He therefore concluded that contributions from the City Deal were likely to end after the two year period of the initial investment.

The Executive Board NOTED the update report and REQUESTED a meeting involving a representative of the Board, the Cambridge Promotions Agency and the Greater Cambridge Greater Peterborough Enterprise Partnership to discuss the future of the Agency.

To consider the attached report.

The Joint Assembly NOTED the report.

Consideration was given to a report which provided an update on the progress and direction of the Cambridge Promotion Agency.

Claire Ruskin presented the report, further to which Councillor Kevin Cuffley raised concern regarding the impact of the result of the EU Referendum on investment in Cambridge. It was noted that, despite the result of the referendum, Cambridge businesses that exported internationally were doing well as a result of the weak pound sterling. Whilst there were businesses doing well, there were some businesses that were moving out of Cambridge or delaying investment in Cambridge. Despite this, Cambridge was still seen as a very positive place to invest and do business in.

The Joint Assembly NOTED the report.