Agenda item

26.1

For consideration of this item of business, and in order for Members of the Committee to consider the exempt report, it was RESOLVED: That the public and press be excluded from the meeting and the webcast be paused before further discussion takes place on the grounds that, in view of the nature of the business to be transacted, if those persons were present, there would be a disclosure to them of exempt information as described in paragraph 3 of Schedule 12A to the Local Government Act 1972, as amended.

26.2

RESOLVED UNANIMOUSLY: That the Economic Development and Skills Policy Committee:-

1.    Note progress made at Sheffield Olympic Legacy Park (SOLP) to date

2.    Note the economic opportunity for strategic development and growth of SOLP and the anticipated local and regional benefits this will deliver

3.    Approve the decision by the Strategic Director in consultation with the Head of Finance to provide the revenue funding of up to a maximum of £86,000 in 2024/25

4.    Approve the variation to the 2022-25 memorandum of understanding (MoU), to reflect the proposals highlighted within this report

26.3

Reasons for Decision

26.3.1

The proposal of additional funding to Legacy Park Limited provides much needed capacity to enable positive momentum to be maintained, whilst commencing a process to review and refresh a longer term more ambitious Sheffield Olympic Legacy Park vision, strategy and fit for purpose governance arrangements.

26.4

Alternatives Considered and Rejected

26.4.1

Alternative Option 1: Develop and agree a new longer-term MOU now: Undertaking this now, would mean that the time to bring in new partners, private sector and engage with existing Members of OLP would be lost, which may result in a sub par delivery model, and greater financial reliance on SCC in the medium term. However, by supporting a new collective 2030 Vision with partners and support from SYMCA, a new model can be put in place at LPL before a longer-term MOU is negotiated and agreed. The option to include key performance indicators and conditions within a new MOU aligned to the new Vision will be considered.

26.4.2

Alternative Option 2: Provide no additional financial support in 2024/25: If the Council do not provide additional short term financial support this financial year, Legacy Park Limited would have reduce staff capacity to maintain positive momentum. If it could not reduce costs accordingly, LPL may not remain a going concern.