Purpose

he purpose of the report is to set out and agree an investment framework for the Northumberland Growth and Investment Fund Endowment Fund.

Decision

RESOLVED that Cabinet:

1. Note the proposals in relation to the Northumberland Growth and Investment Endowment Fund;
2. Endorse the Northumberland Growth and Investment Endowment Fund Investment Framework as set out in section 6 of this report;
3. Approve the creation of an earmarked reserve into which any receipts relating to the NEP3 transaction will be paid;
4. Note that the GIEF framework and any expenditure from the fund will be subject to Council approval in February 2025 as part of the budget and policy framework for 2025/56;
5. Delegate authority to the Executive Director of Place and Regeneration to initiate detailed pipeline development in line with the Investment Framework set out in section 6 of this report; and
6. Agree to receive a further report in advance of the fund launch in 2025/26 setting out a detailed programme approach to mobilisation of the Northumberland Growth and Investment Endowment Fund in line with the Investment Framework set out in section 6 of this report.