Ms Odunoye, Head of Strategy Regeneration & Sustainability introduced the report which concerned an application for interim support to the Ocean Regeneration Trust in accordance with the New Deal for Communities succession and legacy scheme under which the Ocean Estate received regeneration funding.

Responding to Commissioners’ questions Ms Odunoye advised that there was confidence that all retail units would be let and provide a future revenue stream for the Trust because of the demand that will be created by the new properties and regeneration of the estate.

RESOLVED

That the Corporate Director Development & Renewal be authorised to pay the Ocean Regeneration Trust a total of £210,000 being payments for 2014/2015 of £50,000, the current financial year 2015/2016 of £80,000 and the next year 2016/2017 also of £80,000.