Cabinet considered a report requesting a contribution of £500k for a match-funding bid as part of a project to deliver gigabit speeds to approximately 3,000 premises in Staines-upon-Thames. If successful, the bid would provide access to additional contributions of £2m (£500k match funding from EM3 and £1.5m from VX Fibre).
Alternative options considered and rejected
To not do anything.
Resolved to approve the contribution of £500k, which will enable access to an additional £2m in contributions, in order to deliver gigabit speeds to Staines-upon-Thames.
Reasons for decision
The provision of gigabit speeds to Staines-upon-Thames will put the town at the forefront of internet speeds in the country. It will also create an ongoing revenue which will generate up to £12k a month and repay the investments made by the contributing partners over 10 years.