Decision Maker: WMCA Board
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: No
(1) An Investment Programme funding allocation of £5.419m for development costs towards the development of the Arden Cross Multi-Storey Car Park was approved.
(2) The need as a West Midlands region to show a positive commitment towards the development of the Arden Cross Multi Storey Car Park was agreed.
(3) A repayable grant from the WMCA to Solihull Metropolitan Borough Council of up to £169m was agreed in principle to deliver the works at the HS2 site, which would be predicated on:
(i) the WMCA and Solihull Metropolitan Borough Council identifying reliable, sufficient and secure income streams to repay the £169m investment;
(ii) the WMCA being adequately satisfied that the proposal was affordable and that the risks associated with the investment were acceptable to the WMCA;
(iii) the WMCA’s constituent authorities supporting the agreement and in particular noting the exposure to the under-write risk;
(iv) the proposals progressing through the WMCA’s assurance framework; and
(v) final approval to any repayable grant by the WMCA Board.
(4) It was agreed to receive a further report at a future date, requesting funding approval of up to £169m subject to the progression of this proposal through the WMCA’s assurance frameworks.
Publication date: 18/09/2020
Date of decision: 18/09/2020
Decided at meeting: 18/09/2020 - WMCA Board