Content

This report seeks approval under delegated
authority for the award of an Opportunity Investment Fund (OIF)
loan to Ten87 Studios ltd for the sum of £150,000 (one
hundred and fifty thousand pounds), under Contract Standing Order
17.3 (Approval for Payment of Grants from the Council to External
Bodies).

This report also seeks approval under delegated authority for the
award of a grant under the Opportunity Haringey Workspace Fund to
Ten87 Studios ltd for the sum of £48,300 (forty eight
thousand and three hundred pounds), under Contract Standing Order
17.3 (Approval for Payment of Grants from the Council to External
Bodies).

Reasons for the decision

Workspace is a key priority theme of
Opportunity Haringey, Haringey Council’s Inclusive Economy
Framework. Inflationary pressures, rising utility costs and
redevelopment of some workspace sites is limiting the ability for
workspaces to thrive, expand and to provide affordable pricing.
There is demand
for employment space in Haringey, but we have a limited land
supply, a need for more affordable workspace, and a prevalence of
low to average quality properties. A priority of Opportunity
Haringey is the Opportunity Haringey Workspace Programme to
increase the provision and quality of workspace in the
borough.

The aim of the project is to support the local creative community
by providing affordable, high-quality studios. Ten87 Studios ltd
aim for the expansion to help accommodate more artists and
creatives, enhancing the cultural vibrancy of the area and
generating significant economic activity through new job
opportunities and business for local suppliers. The project aims to
create 32 full time equivalent (FTE) jobs and 1,440 square feet of
new commercial floorspace created / brought back into use.

Alternative options considered

The Council could decide to not provide a
grant and OIF loan to Ten87 which could result in less affordable
workspace and music and creative space in the area. It would hinder
a priority of Opportunity Haringey to increase the provision and
quality of workspace in the borough.