Torbay Borough Council needed to assess the revenue generation aspect of the planned Electronic & Photonics Innovation Centre (EPIC) in accordance with Article 61 of the ERDF programme guidance. HJA were appointed to carry out this assessment in order to determine whether the project was eligible to apply for the level of ERDF funding being sought.
We provided funding gap calculations over two time periods – 15 years and 25 years. We calculated these figures by determining the discounted investment costs and the discounted net revenue position of the project. We were then able to compare the funding gap calculations with Article 61 programme guidance and conclude that the amount of EDRF funding being sought was justifiable.
Our work therefore enabled the client to proceed with the funding application process in the knowledge that they would not breach funding programme guidance on revenue generating projects. Our work contributed to the success of the funding application, with construction set to begin later in 2015.