New Anglia LEP Investment Appraisal Committee

5 June 2019

8:30am-9:30am

Teleconference

Agenda

No.

Item

Welcome

Apologies: Tim Whitley

Declarations of Interest

Minutes of previous meetings (27 March 2019 (4.1), 4 April 2019 (4.2), 15 April

4.1,2,3.

2019 (4.3) (Confidential)

Reporting - Growing Places Fund

Growing Places Fund Horizon Paper (Confidential)

Growing Places Fund Programme Performance Report (Confidential)

6.1

Growing Places Fund RAG rating

Reporting - Growing Business Fund

Growing Business Fund Performance Report

7.1

Growing Business Fund approvals

7.2

Small Grant Scheme approvals

Items for Approval

Growth Deal: Croxton Road Cycle Link virement

Growing Places Fund: Loan request (Confidential)

10.

Growing Places Fund: Loan amendment (Confidential- paper to follow)

Items for discussion

11.

UEA Enterprise Fund output metrics (Paper to follow)

Other

12.

Any Other Business

Item 6

Item - Growing Places Fund Performance Report

Programme Overview - What is the Growing Places Fund?

• Programme duration under Growth Deal funding: 2015 - 2021.

• Value: £25m. This is the £25m Growing Places Fund element of the Growth Deal. Completed projects date back to previous funding from 2012.

• Aims: Invest loan capital in region’s infrastructure, sectors and growth locations. Occasional grants provided to projects demonstrating significant regional benefit.

• Contribution to the Economic Strategy: The fund has leveraged £276m public and private investment, created 1308 new jobs, 362 new homes, created 368,542 square

feet of industrial space, provided premises for 112 new businesses to be created, supported 27 capital build projects, and 6 sector developments in the private and public

sector.

What is the Overall Programme Status?

Amber

Loans position

See separate update on MSF

Grants position

Amber

Recent grant offers all issued, grant payments underway where eligible costs incurred.

Outputs

Green

Output delivery on profile. Housing outputs will include Winerack dwellings from April 2019.

achieved

What is our financial position?

Financials (£ millions)

Actual

Actualctual/Forecast

Forecast

Total

Financial Year

2015/16

2016/17

2017/18

2018/19

2019/20

2020/21

Brought Forward

0.000

2.729

4.415

-1.441

3.427

Repaid

0.000

2.088

1.597

1.031

5.715

2.342

12.773

Gov Allocation

7.967

4.092

2.790

3.720

1.280

23.569

Spend [Act/Fcst]

-7.967

-3.451

-2.701

-5.891

-4.567

-0.370

-24.947

Carried forward

0.000

2.729

4.415

3.275

3.427

6.679

What is our contribution to the Economic Strategy?

Programme performance to date

Outputs - cumulative from April 2012 to Quarter 3 2018

Actual to date

New homes built

362

New jobs created

1,308

Industrial Space created (in square feet)

364,442

New businesses created through provision of premises

112

Capital Build projects supported

Sector Developments supported

Match Funding - Public (£m) Includes £49m uplift since April 2018.

142

Match Funding-Private (£m) Includes £22m uplift sine April 2018.

134

Total Match (£m)

276

What is the Project Status?

Current status of all projects.

Overall status

Purple

Red

Amber

Green

Blue

Please see RAG Rating for full project

Pipeline

At risk

Claim stage

Live

Complete

Total

list.

Change

-3

-1

What are the next steps?

Continue developing pipeline of future loan applications.

Ensure payback returns contribute to a revolving loan fund development.

Item 7

Growing Business Fund Performance Report

Programme Overview - What is the Growing Business Fund?

Launched in April 2013, the Growing Business Fund provides grants for businesses to enable growth, increased productivity and job creation

Capital grants between £25,000 and £500,000 are provided at up to 20% of project costs for SMEs and an enhanced rate for Small Businesses located in an Assisted Area

Funding for the Growing Business Fund is provided on an annual basis by the LEP's Growth Deal

The fund is accessed through the New Anglia Growth Hub with Due Diligence undertaken by Finance East

What is the overall Programme Status?

Finance

Green

All the funding for 2018/19 has been allocated with an expected over spend of about £750,000

Outputs

Green

Based on applications approved to date, the fund will over perform against the targets set

Delivery

Green

A steady pipeline of high quality applications is coming through, ensuring the fund is performing well overall

What are our key updates?

Membership of the Approval Panel was widened at the end of 2018, to ensure the panel has the knowledge required to operate effectively

The pipeline of applications showed a slight decline in Autumn 2018, but this has now picked up, with a good number of high quality applications coming forward for support

The LEP has been working with Suffolk County Council and the Growth Hub to tweak the programme guidance, to ensure there is a greater focus on LEP priorities

What is our financial position?

Financials (£ million)

Year

2013 to 2016

2016/2017

2017/2018

2018/2019

2019/2020

2020/2021

2021/22

Total

Profile Spend (£m)

£12.000

£3.536

£3.050

£5.096

£2.790

£0.000

£29.262

Actual Spend (£m)

£11.999

£3.001

£3.049

£4.733

£22.782

Remaining Spend (£m)

£0.001

£0.535

£0.001

£0.363

£2.790

£0.000

£6.480

2018/2019 Expenditure Profile

-1

Q1-18/19

Q2-18/19

Q3-18/19

Q4-18/19

Quarterly Forecast

£1.274

Quarterly Spend

£0.420

£1.745

£2.086

£0.481

Variance

£0.854

-£0.471

-£0.812

£0.793

What is our contribution to the Economic Strategy?

Actual to end

Outputs April 2018 to March 2019

Target

Monthly Change

Shortfall

Notes

of March 2019

Value of grants approved

£5,096,000

£3,975,591

£115,109

£1,120,409

Target exceed

Value of private sector match approved

£14,160,000

£66,864,110

£710,536

-£52,704,110

Target exceed

Number of New Jobs to be Created

354

371

-17

Target exceed

Value of grants claimed

£5,096,000

£4,732,981

£481,064

£363,019

Target exceed

Private sector match funding drawn down

£14,160,000

£32,931,195

£5,615,878

-£18,771,195

Target exceed

Number of New Jobs Created

354

317

Slight delay job creation following grant payment

What is the project status?

The following table shows grants approved by sector since the start of the programme in 2013/14

Number of

Projects

Grants

Private

Total Project

Sector

Approved

Match

Costs

Jobs to be Created

A - Agriculture, Forestry and Fishing

180,000

794,946

974,946

B - Mining and Quarrying

100,000

1,654,600

1,754,600

C - Manufacturing

116

13,378,233

88,353,956

101,732,189

1473.5

E - Water supply, sewerage, waste management and remediation activities

295,594

1,260,379

1,555,973

F - Construction

1,086,486

5,231,673

6,318,159

142

G - Wholesale and retail trade; repair of motor vehicles and motorcycles

2,677,428

51,288,938

53,966,366

370

H - Transportation and Storage

588,614

2,962,444

3,551,058

I - Accommodation and Food Service Activities

262,000

1,052,138

1,314,138

34.5

J - Information and Communication

685,700

3,409,616

4,095,316

K - Financial and Insurance Activities

30,000

79,425

109,425

M - Professional, Scientific and Technical Activities

1,737,372

12,400,472

14,137,844

195.6

N - Administrative and Support Service Activities

1,848,771

10,067,136

11,915,907

224

P - Education

20,000

102,191

122,191

Q - Human Health and Social Work Activities

31,580

126,320

157,900

3.5

R - Arts, Entertainment and Recreation

462,921

3,033,716

3,496,637

53.5

S - Other Service Activities

320,000

4,737,413

5,057,413

Total

231

£23,704,699

£186,555,363

£210,260,062

2774.6

What are the next steps?

Revision of guidance and support provided by the Growth Hub is now complete, with a greater focus on high value activity, both terms of jobs, business growth and productivity

The 'Scale-Up' Programme has been launched, with SMEs now receiving targeted support, including potential GBF grant funding

Item 7.1 New Anglia LEP

Growing Business Fund

Grant Approvals 1st April 2018 to 31st March 2019

Date

Total Project

Private

Grant

Jobs to be

Business Name

Approved

Cost

Match

Awarded

Created

Apr-18

Broadway Colours Ltd (2)

£256,200

£160,700

£40,000

Apr-18

Panel Graphics (2)

£225,000

£290,872

£64,414

Apr-18

Computer Service Centre

£493,000

£1,446,200

£265,800

May-18

Renvale Limited

£2,025,000

£1,510,977

£184,552

May-18

Warren Services Ltd. (4)

£126,649

£176,000

£32,000

May-18

Food Forensic Limited

£1,107,593

£219,220

£36,980

Jun-18

Omega Ingredients Ltd (3)

£372,500

£175,000

£50,000

Jun-18

Advanced Engineering (UK) Ltd

£375,000

£394,400

£98,600

Jul-18

Pecksniff's Bespoke Fragrances and Cosmetics Ltd

£200,458

£1,822,500

£202,500

Jul-18

Gnaw Chocolate Limited

£41,600,000

£101,319

£25,330

Jul-18

Ponders End Investments PLC

£736,400

£928,354

£179,239

Jul-18

BCMZ PrecisionEngineering Ltd

£199,970

£298,000

£74,500

Jul-18

Netmatters Limited

£348,307

£337,500

£37,500

Jul-18

Glowcroft Ltd

£388,750

£161,716

£38,742

Jul-18

LDH La Doria

£605,000

£41,100,000

£500,000

Aug-18

Mirus Aircraft Seating Ltd (2)

£1,443,000

£596,400

£140,000

Aug-18

Vanilla Electronics (2)

£1,398,500

£159,976

£39,994

Aug-18

TBI Manufacturing Ltd (2)

£9,034,543

£278,807

£69,500

Aug-18

DB Sheet Metals

£372,430

£328,750

£60,000

Sep-18

Zedbox UK Ltd

£590,244

£485,000

£120,000

Sep-18

Westover Vets Ltd

£373,440

£1,317,000

£126,000

12.6

Nov-18

Optima Stainless Ltd.

£373,307

£1,133,600

£264,900

Nov-18

Condimentum Limited

£148,500

£8,643,193

£391,350

Dec-18

Spectra Packaging Ltd

£350,000

£297,944

£74,486

Dec-18

Stephen Walters and Sons Ltd

£1,040,000

£472,195

£118,049

Feb-19

Weco Engineering Ltd

£196,153

£336,096

£37,344

Feb-19

Euro Workspace Ltd

£220,000

£313,307

£60,000

Feb-19

H W Webb Engineers Ltd

£1,134,624

£118,800

£29,700

Feb-19

Silverline Office Equipment Ltd

£107,973

£280,000

£70,000

Feb-19

Lifeline 24 Ltd

£198,368

£934,000

£106,000

Feb-19

Events Under Canvas Ltd

£496,000

£165,671

£30,482

Feb-19

Drury's Environmental Services Ltd

£131,277

£176,000

£44,000

Feb-19

Dorplan Contracts Ltd.

£851,915

£907,698

£226,926

Feb-19

Avena Environmental

£391,891

£86,379

£21,594

Mar-19

Precision Refridgeration Limited

£136,200

£164,214

£34,154

Mar-19

JSM Home Improvements Ltd

£121,151

£441,300

£54,700

Mar-19

Kiezebrink UK Ltd (3)

£393,521

£105,022

£26,255

1.5

£68,562,864

£66,864,110

£3,975,591

371

Item 7.2 New Anglia LEP

Small Grant Scheme

Grant Approvals 1st April 2018 to 31st March 2019

Date

Total Project

Grant

Jobs to be

Business Name

Private Match

Approved

Cost

Awarded

Created

Apr-18

Clerkin Civils Ltd.

£20,630

£82,521

£103,151

2.0

Apr-18

Mitra Innovation

£3,301

£29,714

£33,015

0.0

Apr-18

Alpha Inclusion Ltd.

£5,150

£20,600

£25,750

0.0

Apr-18

SH Services (2)

£1,798

£7,193

£8,991

0.0

Apr-18

Polstead Joinery (2)

£6,090

£24,360

£30,450

2.0

Apr-18

Prosynth ltd.

£5,920

£23,680

£29,600

0.0

Apr-18

Niagri Engineering Ltd.

£14,793

£59,174

£73,967

2.0

Apr-18

Captain Fawcett Ltd.

£5,249

£21,000

£26,249

1.0

Apr-18

OpenContact Direct Marketing Ltd.

£3,861

£15,449

£19,310

0.0

Apr-18

WeType Ltd.

£2,000

£8,000

£10,000

2.0

Apr-18

3 Norfolk Square Ltd.

£5,544

£12,937

£18,481

0.0

Apr-18

Purple Line Ltd.

£21,600

£86,400

£108,000

0.0

Apr-18

Storacall Technology Ltd. t/a X-on

£24,958

£99,833

£124,791

2.0

Apr-18

Attwells Solicitors LLP

£7,020

£16,380

£23,400

0.0

Apr-18

Fountain Partnership

£12,190

£48,760

£60,950

0.0

May-18

Bridge Auto Sales Ltd.

£20,093

£80,376

£100,469

5.0

May-18

Insight Ecology Ltd.

£3,083

£12,335

£15,418

0.0

May-18

Needham Fabrications Ltd.

£20,422

£81,688

£102,110

0.0

May-18

Joseph Read Lighting Ltd.

£11,215

£56,349

£67,564

0.0

May-18

ACS Architectural Ltd.

£1,340

£5,361

£6,701

2.0

May-18

Agricultural & Mechanical Services Ltd t/a Agrimech

£6,100

£24,400

£30,500

2.0

May-18

Pump Street Chocolate Ltd.

£25,000

£100,000

£125,000

0.0

May-18

R&B Plastering (2)

£2,171

£8,685

£10,856

1.0

May-18

Edmund & Sedgwick Ltd.

£1,815

£7,260

£9,075

0.0

Jun-18

My Sofa Covers Ltd.

£2,000

£8,320

£10,320

0.0

Jun-18

Abate Ltd (2)

£13,975

£55,898

£69,873

0.0

Jun-18

Richard Western Ltd.

£2,372

£21,348

£23,720

0.0

Jun-18

Machined Precision Components Ltd.

£1,475

£5,900

£7,375

0.0

Jun-18

R&S Budds Ltd.

£9,468

£37,876

£47,344

0.0

Jun-18

Global Plant Genetics Ltd

£1,705

£3,979

£5,684

0.0

Jun-18

TSI Structures Ltd

£23,100

£92,400

£115,500

0.0

Jun-18

Asams Ltd (2)

£14,461

£33,743

£48,204

0.0

Jun-18

Screenworks Ltd

£11,489

£45,955

£57,444

0.0

Jun-18

Cargo Secure Ltd

£25,000

£125,000

£150,000

1.0

Jun-18

Canham Consulting Ltd

£2,388

£9,555

£11,943

0.0

Jun-18

Brandon Body Centre

£15,005

£60,022

£75,027

2.0

Jun-18

Lark Technology Group Ltd (2)

£6,464

£25,856

£32,320

2.0

Jul-18

McCavity's Contract Fillers Ltd

£9,438

£37,752

£47,190

1.0

Jul-18

Prosynth Ltd (2)

£1,597

£6,388

£7,985

0.0

Jul-18

BD&H (4)

£22,900

£91,600

£114,500

2.0

Jul-18

Griffith Elder & Co Ltd

£24,600

£98,400

£123,000

2.0

Jul-18

Dodman Ltd

£3,680

£14,720

£18,400

0.0

Jul-18

EV Driver

£3,284

£13,158

£16,442

0.0

Jul-18

Jordan Leisure Systems

£3,200

£12,800

£16,000

1.0

Aug-18

Norwich Gas Electric Oil & Water Ltd

£8,452

£33,808

£42,260

0.0

Aug-08

Sharing Parenting

£1,086

£4,346

£5,432

0.0

Aug-18

Real Bodies Health & Fitness Ltd

£9,088

£36,353

£45,441

2.0

Aug-18

Exo Environmental (2)

£1,123

£4,492

£5,615

2.0

Aug-18

Torros Ltd

£11,010

£44,040

£55,050

2.0

Aug-18

Dunhams Washrooms Systems

£24,072

£96,289

£120,361

0.0

Aug-18

TTV Industrial Ltd (2)

£25,000

£152,756

£177,756

0.0

Aug-18

Padgate Consulting Ltd.

£2,911

£11,644

£14,555

1.0

Aug-18

Bevan Davidson International Ltd

£7,300

£29,200

£36,500

6.0

Aug-18

Developing Experts

£25,000

£105,000

£130,000

2.0

Aug-18

Food Innovation Solutions

£13,538

£54,152

£67,690

2.0

Aug-18

Indigo Swan Ltd

£7,073

£28,296

£35,369

6.0

Aug-18

RKE Engineering Ltd

£7,750

£31,000

£38,750

0.0

Aug-18

Cornelius Group

£6,302

£25,208

£31,510

2.0

SGS Grants Appr

Sep-18

3 in One Services

£13,550

£54,200

£67,750

0.0

Sep-18

Keronite Group Ltd

£19,882

£79,529

£99,411

2.0

Sep-18

RD Castings Ltd

£5,642

£22,572

£28,214

0.0

Sep-18

CW Logistics Ltd

£20,048

£80,193

£100,241

3.0

Sep-18

Black Shuck Ltd

£4,705

£18,820

£23,525

0.0

Sep-18

Liquid 11 Ltd

£10,053

£23,458

£33,511

2.0

Sep-18

Radical Waste Group Ltd (B & B Skip Hire Ltd)

£14,721

£58,894

£73,615

1.0

Sep-18

Root3 Lighting Ltd.

£25,000

£100,000

£125,000

2.0

Sep-18

Coffee House No 5

£11,156

£44,627

£55,783

2.0

Oct-18

Merxin Ltd

£14,901

£59,607

£74,508

0.0

Oct-18

Plandescil Ltd

£4,295

£17,180

£21,475

0.0

Oct-18

Diamond Garage LTd

£24,300

£56,700

£81,000

0.0

Oct-18

Smart Refinish Ltd

£9,000

£21,000

£30,000

0.0

Oct-18

Libra Scale Company Ltd

£25,000

£124,500

£149,500

2.0

Oct-18

Crafted Media Ltd

£4,652

£18,610

£23,262

4.0

Oct-18

Import Export Support LTd

£4,900

£19,600

£24,500

0.0

Nov-18

Diss Coverings (Mary Gibson)

£2,679

£10,717

£13,396

1.0

Nov-18

MD Controls Ltd

£4,229

£16,918

£21,147

1.0

Nov-18

Excite Solutions Ltd

£6,258

£25,032

£31,290

2.0

Nov-18

MacRefresh Ltd

£11,500

£46,000

£57,500

2.0

Nov-18

B&B Skip Hire Ltd (2)

£24,573

£98,295

£122,868

0.0

Nov-18

Dhotel Patisserie Ltd

£3,763

£15,052

£18,815

0.0

Nov-18

Cox's Boatyard Ltd

£6,000

£24,000

£30,000

0.0

Nov-18

STR Service Centre

£24,559

£100,000

£124,559

0.0

Nov-18

KVT Business Care

£2,230

£8,920

£11,150

1.0

Nov-18

Alex Stanlake Animation & Design

£1,483

£5,933

£7,416

0.0

Dec-18

Flameskill Ltd.

£16,372

£38,200

£54,572

0.0

Dec-18

Armour Engineering Ltd.

£2,256

£9,028

£11,284

1.0

Dec-18

OneSite Building Products Ltd.

£6,600

£15,400

£22,000

1.0

Dec-18

Petrotech UK Ltd

£10,381

£41,526

£51,907

0.0

Dec-18

DFC Precision Engineering Ltd.

£23,837

£95,348

£119,185

1.0

Dec-18

Slim Glass Ltd.

£8,000

£32,000

£40,000

0.0

Dec-18

Adaptainer Ltd

£6,384

£25,534

£31,918

0.0

Dec-18

Elmdale Welding and Engineering Supplies

£9,600

£38,400

£48,000

0.0

Jan-19

External Services Ltd

£15,625

£62,501

£78,126

4.0

Jan-19

F W Hall & Son Ltd

£3,162

£12,646

£15,808

1.0

Jan-19

Advance Engineering (UK) Ltd

£18,480

£73,920

£92,400

1.0

Feb-19

Coda Plastics Ltd.

£12,914

£51,656

£64,570

0.0

Feb-19

Coderus Ltd. (2)

£14,043

£56,173

£70,216

0.0

Feb-19

Aviland Ltd.

£9,115

£36,458

£45,573

0.0

Feb-19

Tuffa Footwear Ltd

£1,300

£5,200

£6,500

0.0

Feb-19

Lockertek Ltd

£1,193

£4,772

£5,965

1.0

Feb-19

Fiscale Ltd

£24,975

£99,898

£124,873

1.0

Feb-19

Marketplace Amp Ltd

£2,592

£10,360

£12,952

2.0

Feb-19

Pro Alloy Motorsport Ltd

£21,204

£99,816

£121,020

3.0

Feb-19

Heather Omerod Pilates

£1,145

£4,580

£5,725

0.0

Feb-19

TMX Engineering Ltd (2)

£18,000

£72,000

£90,000

1.0

Mar-19

Timber Services UK Ltd

£25,000

£103,460

£128,460

2.0

Mar-19

Ansible Motion Ltd

£9,794

£39,177

£48,971

5.0

Mar-19

E G Grounds Care Ltd

£8,400

£33,600

£42,000

0.0

Mar-19

RD & M Gregg Ltd

£19,627

£78,511

£98,138

3.0

Mar-19

Gurney Environmental Ltd

£12,784

£51,141

£63,925

0.0

Mar-19

Anglia Computer Solutions Business Ltd.

£4,604

£18,417

£23,021

1.0

Mar-19

The Engineers Store EA Ltd.

£5,773

£13,473

£19,246

1.0

Mar-19

I-Level Ltd.

£9,791

£39,166

£48,957

0.0

Mar-19

Fenwick & Tilbrook Ltd

£4,004

£12,013

£16,017

1.0

Mar-19

Cambridge Rapid Components Ltd

£15,755

£63,020

£78,775

1.0

£1,220,437

£4,877,460

£6,097,897

113.00

Note: those applications in bold have since been withdrawn

SGS Grants Appr

New Anglia Local Enterprise Partnership

Investment Appraisal committee

Wednesday 5^th June 2019

Agenda Item 8

Growth Deal: Thetford Transport Package - Croxton Road Cycle Link

Author: Jonathan Rudd

Summary and Recommendation

The Investment Appraisal Committee are requested to:

 Approve the reallocation of £450,000 saving from existing schemes within the Thetford

Transport Package toward the delivery of a Cycle Link on the Croxton Road, Thetford.

Background

The Thetford Transport Package was initially designed to support the planned growth and

expansion of the town through improved sustainable transport facilities. However, in June 2016 the

LEP Board approved the redirection of funding to prioritise construction of a new roundabout

junction to access the Thetford Enterprise Park and to improve traffic management measures in the

town, as well as continue with resurfacing and dressing works on major routes.

The current composition and funding allocation for the Thetford Transport Package is as follows:

Part 1 (£1.98M);

 Traffic Management.

 Enterprise Park access Roundabout.

Part 2 (£0.256M)

 A1075 Croxton Road Asset Management.

 Thetford Rd, Brettenham Rd Asset Management.

Part 3 (£0.15M); Asset Management Priorities.

Proposal

The Highways Team at Norfolk County Council (NCC) propose to use savings from Parts 1 and 2 of

this package toward construction of a new Cycle Link on the Croxton Road to the North of Thetford

Town Centre. The existing arrangement is deemed unsatisfactory as cyclists need to either use the

road and run the risk of conflict with vehicles or share a less than adequate footway with

pedestrians.

The scheme will improve cycle and pedestrian links along Croxton Road between the Thetford

Academy and the town centre. NCC have produced a full Business Case for the scheme in

accordance with the Department for Transport guidance for modelling and appraisal of schemes,

which includes strategic, economic, commercial, financial and management cases, as well as an

Appendix with a WebTAG¹ appraisal (available on request).

¹ Website for Transport Appraisal Guidance (WebTAG).

Delivery

This scheme aims to improve cycle and pedestrian links along Croxton Road between the Thetford

Academy (the only secondary school in Thetford) and the town centre. To achieve this, the scheme

will deliver the following:



600m of 2.7m wide shared use footway/cycleway facility, from the Army Cadet Headquarters

to the Thetford Academy secondary school, with no reduction in road width,

 Provide a revised cycle crossing arrangement outside the Thetford Academy.

This will include transferring land (a verge) from Breckland District Council, use part of an existing

lay-by and involve service diversions, relocating a telegraph pole and streetlamps.

Funding

It is proposed to use savings from Part 1 Traffic Management and Enterprise Park Access along

with Part 2 Asset Management elements of the package to meet the costs of the scheme as follows:

Initial

Revised

Thetford Transport Package

Variance

Allocation

Part 1 (£1.98M)

Traffic Management

180,000.00

63,000.00

-117,000.00

Enterprise Park access Roundabout

1,800,000.00

1,529,500.00

270,500.00

Part 2 (£0.256M)

A1075 Croxton Asset Management

72,000.00

0.00

Thetford Rd, Brettenham Rd Asset Management

184,000.00

121,500.00

-62,500.00

Part 3 (£0.15M)

Asset Management Priorities TBD

150,000.00

0.00

Croxton Road Cycleway

0.00

400,000.00

+450,000.00

Totals:

2,386,000.00

0.00

Link to Economic Strategy

Within the Business Case, the scheme is considered as being of High Value for Money as it will:

 Provide a safer cycle route to the Thetford Academy from virtually all of the residential areas of

the town as these are located to the south of the school.

 Encourage more pupils to walk and cycle to the Thetford Academy.

 Support the planned housing and employment growth for Thetford as Croxton Road is a key link

from the new growth area to the town centre and other employment locations.

This scheme complements other sustainable transport initiatives for the town aimed at supporting

planned growth of some 5,000 new homes and 18 hectares of associated employment growth set

out in the Breckland Core Strategy and Thetford Area Action Plan.

Summary and Recommendation

The Investment Appraisal Committee are requested to:

 Approve the reallocation of £450,000 saving from existing schemes within the Thetford

Transport Package toward the delivery of a Cycle Link on the Croxton Road, Thetford.