To appoint TownSq Limited as the Operator of the Shell Store Business Incubation Centre, for a period of five years by granting a five-year lease to TownSq Limited and to approve a £75,000 contribution to meeting the Marches Local Enterprise Partnership (LEP) loan repayment schedule (£25,000 per year) for the first three.

That:

a)    To appoint TownSq Limited, as the Operator of the Shell Store Business Incubation Centre, for a period of five years

b)    Grant a five-year lease to TownSq Limited; and

c)    Approve a £25,000 contribution per annum (totalling £75,000 over three years) contribution to support the repayment of the LEP loan for the first three years.

1.    That the council operate the Shell Store as managed workspace and purely lease space to businesses without the wrap-around support offer.  This is not recommended as this would require the appointment of permanent staff to manage the building and take on responsibility for the ERDF funding and LEP loan outputs as well as LEP loan repayments of £100,000 per year.  The council would have to procure and manage the business support services separately, in addition to managing the building, to meet the requirements of the funding to establish incubation space and related services, at an additional cost.