Decision details

Decision Maker: Investment Board

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No


The board considered a report of the interim Executive Director of Housing, Property and Regeneration that sought to update them on the implementation of the first resolution of the Investment Board of 13 November 2023 relating to the change of ownership of Stone Yard development site and sought approval to vary the grant agreement between the WMCA and Court (the Charter) Birmingham Limited to extend the deadline for the letting of the building contract to 31 March 2025.


Martin Yardley, Housing Property & Regeneration Consultant, outlined the background to the project, provided an update on the current status with Aviva/Moda and outlined the options available to the WMCA. He advised that the reasons for the delay to the project (set out in paragraph 5.2 of the report) had been independently assessed and the advice recommended support for an extension to the project.


The Executive Director of Finance & Business Hub, Linda Horne, reported that all papers have been reviewed since the original decision was taken on the project and the conditions for the first grant payment had been met. She advised that lessons have been learnt from the project regarding the need to improve commercial legal arrangements that are put in place. She added that the Monitoring Officer’s advice was not to pursue litigation and considered the recommendation put forward was right and in the best interests of the public purse.


Gary Taylor noted that the contract had already been extended by 18 months and was now extended by a further 12 months and enquired as to what would happen if another extension was requested.


Martin Yardley advised that Court were complying with the current contract.


The Executive Director of Finance & Business Hub, Linda Horne, acknowledged historical issues regarding the legal agreement had led to the current position but reported the advice she had received was that there was nothing further the WMCA could do on the matter and the best course of action was the proposed recommendation.


The Chair confirmed that both the Section 151 Officer and Monitoring Officer are satisfied that Court have complied with the contract.


Resolved that:


1.    The WMCA be authorised to enter a Deed of Variation of the Grant Agreement date 19 March 2021 between the (1) WMCA and (2) Court (the Charter) Birmingham Limited to extend by one year the condition that requires the letting of a building contract for the construction of not less than 497 residential units on the Stone Yard development site (31 March 2024 to March 2025) be agreed and

2.    This report was endorsed by the Investment Panel on 22 January 2024 be noted.


Publication date: 12/02/2024

Date of decision: 12/02/2024

Decided at meeting: 12/02/2024 - Investment Board

Accompanying Documents: