Common use of FISCAL Clause in Contracts

FISCAL. 2.1 The Heart of Hampshire commits to creating and investing in a Single Investment Fund which will be used by the combined authority to invest in economic growth, ensuring housing delivery and job creation. 2.2 The Government will work with the Heart of Hampshire to agree specific funding flexibilities which will be pooled into the Single Investment Fund. This will comprise a flexible, multi-year settlement to the combined authority annually in advance. 2.3 The Government agrees to allocate an additional £30 million per annum, which will form part of the Heart of Hampshire Single Investment Fund. 2.4 The fund will be subject to gateway assessments every five years to confirm that it has contributed to national growth. The agreement of this deal shall not in any way limit or prevent the proposed Heart of Hampshire from bidding for future allocations of national funding. 2.5 In addition to the Single Investment Fund for the Heart of Hampshire, additional work sponsored by Department for Communities and Local Government (DCLG) and managed by Basingstoke and Xxxxx Borough Council, Hampshire County Council and Enterprise M3 Local Enterprise Partnership is likely to be undertaken to identify specific business cases for future public/private sector investment to enhance the core infrastructure in the Basingstoke area. 2.6 This would support the development of around 10,000 new homes based on ‘garden city’ principles over two local plan periods (a proportion of these housing figures are included in the housing delivery numbers for the period to 2026 in paragraph 5.3 of this document). 2.7 It is acknowledged by DCLG and other Government departments that there may be some elements of the future enhancements to core infrastructure in and around Basingstoke which might have additional wider sub-regional benefits for the North Hampshire area (for example, strategic highways, rail and further education). 2.8 The Heart of Hampshire will look to build on this successful model of joint working with Government for future major projects on a similar scale.