This report sets out the decision to grant spend approval of £258,544 grant funding awarded by Thames Valley Berkshire LEP (the LEP) from Reading Borough Council (as lead partner and accountable body) to Indigo Loop Limited (trading as Connect TVT), with £111,000 of the monies being paid in advance from Reading Borough Council capital reserves to enable capital works to be carried out.
The project partners: namely Reading Borough Council, Indigo Loop Ltd and Reading UK have been awarded a capital grant of £261,250 (the Grant) from the Thames Valley Berkshire LEP Capital Growth Fund through a joint application for the grant funding.
£258,544 of the Grant monies will be used to redevelop and fit-out an existing office space in Reading Town Centre and to provide IT and training equipment (the remaining £2,706 has been deducted by the LEP for independent bid assessment costs). The digital skills hub called “The Curious Lounge” will offer a high quality space for digital skills training, qualifications and apprenticeships, employability events and digital tech employer engagement.
Indigo Loop will procure and manage the works. The works will begin on 29th July 2019, before the Council is entitled to claim the Grant monies from the LEP. The Council cannot claim the Grant monies from the LEP in respect of the Works and the wider project until September 2019 due to Local Growth Funding being awarded in arrears which is after the works have been completed by Indigo Loop on the 6th September 2019.
In order to support The Curious Lounge project and meet the opening date of 9th September 2019, it will be necessary for the Council to pay Indigo Loop the sum of £111k for the cost of the works on or before 29th July 2019 to enable the works to begin on 29th July 2019. A Business Case for a Waiver to Contract Procedure Rules has been completed related to the decision to grant spend approval to Indigo Loop.
IT IS THE DECISION OF THE EXECUTIVE DIRECTOR OF ECONOMIC GROWTH