Thames Freeport is forecast to generate 21,000 jobs, £4.6bn of public and private sector investment together with funding to support the delivery of Freeport objectives. The Council is the Accountable Body (AB) for Thames Freeport, accountable to the Department for Housing, Levelling Up and Communities (DLUHC) for the use of public funding including Seed Capital Funding and for the good functioning of the Thames Freeport Governing Body. As a billing authority the Council also has responsibility for the use of retained business rates.

In February 2024 Cabinet delegated responsibility to the S151 Officer, in consultation with the Leader, Portfolio Holder for Governance, Portfolio Holder for Finance, Chief Executive and Monitoring Officer to approve Outline Business Cases for seed capital funding, Government funding for projects identified in the Freeport capital programme.

There are five Outline Business Cases that are now ready for approval. This report seeks the approval of the S151 Officer for these projects to progress to Full Business Case stage. It also seeks approval to enter into a funding agreement and to release money for the development of a Full Business Case for the Ripple Lane project provided the project is agreed by DLUHC and seed capital funding is released to the Council.