(a)       Decision(s)

(1)          That Council be recommended to authorise the Director with responsibility for finance, after consultation with the Cabinet Member for Finance, Resources and Compliance to review and make an assessment of the due diligence being undertaken by South Northamptonshire District Council.

(2)          That subject to the above assessment proving satisfactory and subject to suitable terms and conditions being agreed by the supporting councils and the necessary commitment to the scheme being given by each of them, Council be recommended to:-

·         Approve the inclusion of £2m within the Capital Programme as a provision to make a loan facility available to Silverstone Heritage Limited: and

·         Earmark £2m of unallocated New Homes Bonus for the above purpose.

            NOTE: A copy of the organisation’s business plan was appended to the Confidential part of the Cabinet agenda.

(b)       Reason(s) for Decision(s)

            Silverstone represents a significant hub for leisure, tourism, employment and high tech industry.  Its draw and impact in the region extends well beyond the administrative boundaries of the councils in whose areas the circuit is situated, with an economic radius of approximately 50 miles.  An estimated 36,000 jobs are dependent on Silverstone as the centre for UK motor sports and the home of Formula One.

            The leisure, recreation and employment businesses that depend on the venue generate significant amounts of business rates for the councils in the area, and the changes to the retention of business rates mean that the councils now benefit directly from the success of Silverstone.

            The support recommended for the Silverstone Heritage Scheme is recognition of the strategic importance of the venue to Buckinghamshire and Northamptonshire and the need to promote the venue and enhance its attraction in order to ensure the long term future of Formula One motor sports.

(c)       Alternative Option(s) Considered

            Not to make a loan facility available, but this was discounted for the reasons given above.

(d)       Relevant Scrutiny Committee

            Finance and Services.  However as this matter will be considered by Council, it is not subject to call in.

(e)       Conflicts of Interest / Dispensation(s)

None.