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Following consideration of the
officer report and discussion, the Executive agreed to note and
endorse the following recommendations:
 
A) Welcomed the progress on the
Gravity Enterprise Zone, the expected significant investment by
Agratas in creating the UK’s largest gigafactory on the site
and the potential benefits to Somerset.
 
B) Endorsed in principle the
creation of the Gravity Locality Investment Plan (the
‘Investment Plan’) and the Council’s proposed
approach to financing it and mitigating the risks associated with
this scale of investment, as set out in paragraphs 6.1 to
6.9.
 
C) Noted the ongoing work
associated with finalising the Investment Plan and the financing of
this plan to minimise the risk to the Council’s financial
situation, and notes that this will be the subject of a future
report proposing the Executive recommend to the Full Council an
amendment to the Council’s Capital Strategy and Treasury
Management Strategy to accommodate the investment.
 
D) Delegated authority to the
Executive Director for Climate and Place in consultation with the
Section 151 Officer to complete negotiations on an extension to the
Enterprise Zone designation and to agree the terms of any grant
from the Department for Business and Trade, as set out later in
this report.
 
E) Agreed to establish a
Gravity Enterprise Zone Executive Sub-committee (as set out in
section on legal implications) and delegates authority to the
Executive Director for Climate and Place in consultation with Lead
Member Economic Development, Planning and Assets to develop the
Terms of Reference and detailed governance arrangements.
 
F) Approved the establishment
of the advisory Governance Groups required by the Gravity Local
Development Order (LDO) Section 106 Agreement and for Officers from
Somerset Council to be represented on these groups, and delegates
authority to the Head of Planning / Chief Planner to complete the
governance arrangements outlined in the legal implications section
of this report.