Decision details

(1)      The investment of £14m of City Region Sustainable Transport Settlement funds in the EV CATS project was approved, subject to the WMCA securing Government approval towards the regional City Region Sustainable Transport Settlement funding settlement, together with appropriate terms and conditions which were subject to a separate report at this meeting.

(2)      The investment of £2.2m from the Brownfield Land & Property Investment Fund, as recommended by the Investment Board and subject to the overall approval of the City Region Sustainable Transport Settlement investment at the WMCA Board as indicated above, was approved.

(3)      £6.5m from the £14m allocated City Region Sustainable Transport Settlement funds and £1.5m from the £2.2m Brownfield Land & Property Investment Fund was approved to be invested at this outline business case stage as required for site acquisition, site preparation and ancillary costs, including set up of the Delivery Company ahead of the full investment under the full business case (with the condition as noted above), noting that the early release of the sums were from the totals in resolutions (1) and (2) above, not in addition to them.

(4)      It was noted that subject to the full business case approval at a future date, the WMCA capital investment of £7.722m was intended to be made from WMCA borrowing.