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Issue - meetings

Meeting: 09/03/2018 - WMCA Board (Item 175)

175 Coventry Friargate Business District Phase 1 pdf icon PDF 123 KB

Presented By: Councillor Izzi Seccombe

Decision:

(1)       The award of £51.0 million Devolution Deal funding to Coventry Friargate Business District Phase 1, which was promoted by Coventry City Council based on the assurance work completed and the endorsement of the Project by the Investment Board on 29 January 2018 was approved.

 

(2)       Authority was delegated to the Monitoring Officer and the Director of Finance in consultation with the Portfolio Lead for Finance to conclude the grant agreement with Coventry.

Minutes:

Councillor Izzi Seccombe presented a report seeking approval for £51m funding for Coventry Friargate Business District Phase 1. The report set out the assurance work undertaken by Investment Board to support the proposal, along with the summarised business case submitted by Coventry City Council to the Investment Board.

 

Phase 1 of the Friargate Masterplan comprised five office blocks and a hotel. The first office block in the scheme was already complete and occupied by Coventry City Council, and this funding sought to develop the remainder of the scheme. The proposal in the final business case was to start the development of Phase 1 using WMCA funding to deliver the second building against a commitment from Coventry City Council that, once annual rental income was secured, it would use its ability to borrow to fund further buildings, using rental income to fund finance costs.

 

Resolved:

 

(1)       The award of £51m Devolution Deal funding to Coventry Friargate Business District Phase 1, which was promoted by Coventry City Council based on the assurance work completed and the endorsement of the project by the Investment Board on 29 January 2018, be approved; and

 

(2)       Authority be delegated to the Monitoring Officer and the Director of Finance, in consultation with the Portfolio Lead for Finance & Investments, to conclude the grant agreement with Coventry.