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Sr211209cba Incorporation Exeter Science Park Cabinet EEC/10/2/HQ Cabinet 13 January 2010 Incorporation of Exeter Science Park Company Report of the Executive Director of Environment, Economy and Culture Please note that the following recommendations are subject to consideration and determination by the Cabinet (and confirmation under the provisions of the Council's Constitution) before taking effect. Recommendation: It is recommended that Cabinet: (a) reaffirm the principle of Devon County Council taking membership of the Science Park Company Board subject to agreement of the Company's Strategic Business Plan; (b) reaffirm approval of an equity investment in the Science Park Company of £1.75m subject to the approval of the Company's Strategic Business Plan by the County Council's nominated Board member. 1. Summary This report sets out progress to date on the development of a Science Park in the Exeter and East Devon New Growth Point Area. It seeks Cabinet approval to reaffirm the County’s membership on the Science Park Board as a funding shareholder of the Science Park Company, subject to approval of a satisfactory Strategic Business Plan. 2. Background The vision of a Science Park for Devon came to prominence during the development and examination of the Structure Plan "Devon to 2016" which was adopted in October 2004. The proposed site for the Science Park is known as 'Redhayes' and is located at the M5 Junction 29, north of the A30 and east of the motorway. The concept was then subject to consultation through Supplementary Planning Guidance issued by East Devon District Council, to which the County Council has been fully supportive in principle. Over the past 4 years there has been joint working between East Devon District Council, Exeter City Council, the Highways Agency and the County Council in terms of prescribing the infrastructure required to enable all major developments to the east of Exeter, including the New Community (Cranbrook), Skypark, Airport development and Science Park. In April 2008 SWRDA grant funded DCC to purchase the Redhayes site. This purchase provided land for the Science park and the for the Junction 29 highway improvement to unlock the wider East of Exeter developments. The principle of the County Council's acting as landowner to facilitate the Science Park development was approved by the former Executive on 26 February 2008 (Minute *747). The purchase agreement allows Eagle One the option to elect to be developer of phase 1 of the Science Park. Outline Planning Permission for the Science Park development was approved (subject to a number of conditions to be outlined in a S106 agreement) by East Devon District Council in November 2009. Discussions on the development of the Science Park in the East of Exeter area have also continued through the formation of an informal partnership of University of Exeter, the Met Office, Exeter City Council, East Devon District Council, Devon County Council and the RDA. The partners wish formalise their relationship through the establishment of a company limited by guarantee. The principle of DCC’s involvement in the Science Park Company was formally approved at the meeting of Executive on 1 May 2007. On 4 September 2007 (Minute *603) Executive approved an investment of £1.75 million in the Science Park Company. 3. Exeter Science Park Company The Exeter Science Park Partnership has decided that the best way to market and develop the initial stages of the Science Park is by establishing a company with a Board of Directors representing each of the partner organisations. By incorporating the Science Park Company, each member organisation will be expected to contribute its agreed equity, 60% of which is payable immediately with the remainder due in 6 months. Devon County Council’s investment of £1.75m provides it with a 49.3% stake in the Science Park Company. In anticipation of the formation of the company, Councillor John Clatworthy was appointed as the County Council's nominated Board Member at the annual meeting of the County Council. Articles of Association and a Shareholders’ Agreement for the proposed company have been drawn up and set out the terms under which the shareholders have agreed to participate in the company as well as the rights and obligations of the shareholders. The draft documents were reviewed by the former County Solicitor and considered acceptable. The partnership has prepared a draft Strategic Business Plan for the Science Park Company. It is expected that this will be agreed by the partnership at the next Shadow Board Meeting on the 21 January 2010. In advance of this all the partners, including the County Council, have been involved in the drafting of the Strategic Business Plan, have been able to consider the version to be discussed on 21 January, and are understood to be satisfied with its content. The strategic business plan covers: • The proposals for a staged approach for the Science Park to limit the risk for partners and ensure that working capital is used effectively • The results of a recent market assessment which shows good support for the Science Park in a tough economic climate and looks at the necessary steps for marketing the Science Park • The rationale for creating a Science Park Centre as one of the first buildings in Phase One of the development and the proposals of how this could be undertaken • The potential income generators for the Science Park Partnership working with Eagle One as the potential developer for Phase One of the park • The next stages of the Science Park and the opportunities for potential income generation The draft Strategic Business Plan states that the Science Park needs to have a Science-use orientated building as one of the first buildings that is built and occupied within the Science Park. Based on the Market Assessment, it can be expect that this will be occupied by many small companies, rather than one large organisation – and as such needs to have flexibility of accommodation accordingly, to ensure all reasonable demands can readily be met. Next Steps • Following incorporation of the company and agreement of the Strategic Business Plan, work will continue throughout 2010 to agree and take forward a legal framework for the Company. In addition to this, the Company will undertake work to produce a Marketing Strategy and begin marketing the Science Park to prospective tenants. • Work to agree the Section 106 agreement should be concluded in early 2010 and once finalised this will be signed by the County Solicitor on behalf of the County Council. • The County Council will lead negotiations with the developer, to agree a specification for the Science Park Hub building. A representative from the Science Park Company will also act in a supporting role in these negotiations. • The M5 Junction 29 improvement works will commence in Summer 2010 and are expected to be complete by Autumn 2011. • Work on the Redhayes Bridge will commence in Spring 2010 and complete by March 2011. • The Planning Application for Science Park infrastructure works (roads and utilities) is due to be submitted in Spring 2010 with works planned to commence in Autumn 2010 for completion by Autumn 2011. 4. Risks The main risk associated with investment in any new venture is that the company may not succeed. In the case of Science Parks, there is a positive track record nationally, and Exeter is well placed, particularly with a top flight university and unique international asset of the Met Office. However, if the venture were not to succeed, the equity contribution will result in the creation of an asset by the Company (the Science Park Centre) that could ultimately be sold. Where risks have been identified the implications have been taken into account when preparing this report. The draft Strategic Business Plan includes a risk register which analyses key risks to the company and shareholders. This risk register is reviewed regularly by the Board. 5. Financial Considerations The County Council's proposed contribution of £1.75m to take an equity share in the Science Park Company is already included in the approved capital budget. In considering the level of the County Council's investment, it is important that Members take account of the following: Equity investment in Exeter Science Park must be recognised as a long-term investment. Science Parks take some years to achieve full financial viability as the financial returns they generate will not be realised as quickly as more traditional development investments. This is because of the necessary restrictions eg scientific, technological, research - on the nature of occupants. Nevertheless, evidence shows that the larger, established and well-managed science parks, such as Surrey Research Park, Warwick Science Park and Manchester Science Park are consistently achieving good, commercial returns, usually in terms of capital growth of property. However, financial return on investment should not be considered in isolation. The effectiveness of Exeter Science Park in supporting economic growth and exploitation of research technology is also a vital outcome. There is potential to create some 2,500-3,000 jobs in the first 15-20 years. 6. Sustainability Considerations Taken together, the East of Exeter developments represent sustainable development, with a mix of residential development and employment in close proximity. The Science Park has an important part to play in the future of the economy in the Exeter sub-region, through its scope for supporting the knowledge based economy. The aim of the Science Park development is to achieve BREAMM Excellent rating throughout. 7. Carbon Impact Considerations The aspiration of the partners is for phase 2 of the development to be zero carbon. This could well mean the use of energy that is generated by a Combined Heat and Power plant either onsite or nearby.
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