QUADRANT PHASE 2 BIRCHWOOD PARK Performance & Investment Committee

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Presentation transcript:

QUADRANT PHASE 2 BIRCHWOOD PARK Performance & Investment Committee 20 March 2019

QUADRANT PHASE 2 Phase 1 - 3x units, let within 6 months PC 5 industrial units 15,773 sq m (169,785 sq ft) new industrial floorspace Maximum of £3.6m EZ investment £446k per annum retained business rates £9.1m over lifetime of EZ 8.3 years payback

INVESTMENT PROPOSAL £650k - Access Road Up to maximum of £1m for electricity infrastructure Maximum of 3 years void and interest cover

THE INVESTMENT Element Best Case Scenario (£) Assumed Business Case Minus Electricity Infrastructure (£) Assumed Business Case (£) Worst Case Scenario (£) Access Road 650,000 Void Cover - 281,000 843,000 Interest Cover 375,000 1,125,000 Electrical Infrastructure 1,000,000 Total 1,306,000 2,306,000 3,618,000 Payback Period (years) 1.5 2.9 5.3 8.3

BENEFITS Benefit Quantum New commercial floorspace (sq ft) 169,785 Brownfield land reclaimed (ha) 5.62 Number of new businesses 5 Number of jobs (gross) 480 Number of jobs (net) 223 Number of construction jobs 100 Gross Value Added (£) 7.0m Annual Retained Business Rates (£) 436,000 Total Retained Business Rates (£) 9.1m Public/Private Sector Leverage (£) 13.9m

KEY RISKS Uncertainty about level of investment required Business rate income Delivery Occupation Rate mitigation State Aid Public procurement regulations

KEY COMMERCIAL TERMS Approved use 10 years No landlord rate mitigation Longstop start date – 12 months Practical completion within 3 years Funder sign off on scheme costs Overage agreement

FUNDING £30m Local authority borrowing facility Legal agreement will not signed until borrowing facility is in place