Decision details

Decision Maker: WMCA Board

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: No

Decision:

(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

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