Agenda, decisions and minutes

Noted.

Apologies for absence were received from Councillor O’ Boyle (Coventry) and Sue Summers (West Midlands Development Capital)

The Chair welcomed Councillor McCarthy (Birmingham) to her first meeting of Investment Board, replacing Councillor Thompson.

Agreed.

The minutes of the meeting held on 16 September were agreed as a correct record.

1.    Approval under delegated authority by WMCA Officers of the business case submission disclosed at Section 4 of the report be noted;

2.    The WMCA Investment Programme funding status and current affordable limit as outlined in Section 4 of the report be noted and

3.    The Regional Investment Programme delivery update detailed within this report and appendices (including the project-level summary within the WMCA Investment Programme dashboard at Appendix 20 be noted.

The board considered a report of the Director of Commercial and Investment that provided a monthly update on the status of the Investment Programme to help set the context for any investment decisions being made at the meeting.

Councillor Statham (Walsall) expressed concerns regarding the Sprint A34 Walsall to Birmingham project which has a completion date of 30 June 2025.   He noted there were no contracts in place or a commitment from the WMCA (TfWM) or bus operators to order the sprint/ low floor vehicles needed for highways approval and felt the project was stalled.

Councillor Statham also enquired whether the completion date of 28 February 2026 for the Walsall to Wolverhampton local rail enhancements (package 1) was realistic due to an unsafe building adjacent to the station works which was a difficult issue to resolve.

The Director of Commercial and Investment, Ian Martin, advised that he was unable to provide further information on the two issues today, but would seek to obtain answers from TfWM colleagues and report back to a future meeting or provide a separate note to the board.

In relation to an enquiry from Councillor McCarthy (Birmingham) regarding the high number of red rated risks on the dashboard and whether it could be more nuanced to state whether the project was rated red because of finance, delay or external factors for example, the Director of Commercial and Investment reported that he had tried previously to provide a more detailed breakdown of risks on the dashboard, but this had made the document difficult to read. He explained that in the majority of cases a red risk related to the delay of project rather than its budget and he would provide commentary on the dashboard at each meeting.

The Chair advised Councillor McCarthy that the majority of red risks on the dashboard related to the UK Central Infrastructure Programme and Coventry South Transport Package of which more information would be provided as part of the next two agenda items.

Resolved that:

1.    Approval under delegated authority by WMCA Officers of the business case submission disclosed at Section 4 of the report be noted;

2.    The WMCA Investment Programme funding status and current affordable limit as outlined in Section 4 of the report be noted and

3.    The Regional Investment Programme delivery update detailed within this report and appendices (including the project-level summary within the WMCA Investment Programme dashboard at Appendix 20 be noted.

1.    The update provided with respect to the Coventry South Transport Package Schemes be noted and

2.    Comments from Investment Board be taken forward  and relayed back to the scheme promoters as appropriate.

The board considered a report from the Director of Commercial and Investment that provided an update with respect to the Coventry South Transport Package Scheme.

John Seddon, Coventry City Council, outlined the report that provided updates for the four projects within the Coventry South Transport Package, namely A46 Stoneleigh Junction, A46 Link Road Phase Two, A46 Link Road Phase Three and Coventry South Interchange.

Nicola Van der Hoven, Warwickshire County Council, also provided a more detailed update on the A46 Stoneleigh Junction project that comprises the first stage of the A46 Link Road scheme.

The Director of Commercial and Investment, Ian Martin, reported of the need for Coventry Council Officers to submit Change Requests for the delayed projects as soon as possible for Investment Board approval. This ensures the WMCA provides the required evidence by Government.

Resolved that:

1.    The update provided with respect to the Coventry South Transport Package Schemes be noted and

2.    Change Requests for delayed schemes be submitted to Investment Board as soon as possible.

1.    The Change Request to re-schedule project business case reporting timelines within the UK Central Infrastructure Programme (UKC IP) be noted and

2.    The progress of UKC IP projects identified within the Change Request as presented to Investment Board, including those rated as Red within the Investment Programme Dashboard be noted.

The board considered a report of the Director of Commercial and Investment that informed them of the Change Request that would be submitted to a future meeting to re-schedule project business case reporting timelines within the UK Central Infrastructure Programme (UKCIP). The report also provided an update on the UKC Infrastructure Programme.

The board received a presentation from Perry Wardle and Alexander Heath, Solihull Metropolitan Borough Council, that provided an overview of the UKC Infrastructure Programme and a description and rationale for the re-basing Change Requests.

In relation to the Birmingham Business Park Southern Access project that has been delivered and has generated significant private investment in the area, the board considered it would be helpful to know the actual value of the ‘significant’ investment. The Chair reported of the need for Solihull and the WMCA to communicate the success of projects such as these in generating investment and the role/value of the Investment Programme funding.

Perry Wardle advised that there was a lot of detail behind the project and had only provided a brief overview but based on the discussion today, he would look at this further as work had been undertaken on the success of the project as part of its evaluation.

The Chair thanked Perry Wardle and Alexander Heath for their comprehensive and informative presentation.

Resolved that:

1.    The Change Request to re-schedule project business case reporting timelines within the UK Central Infrastructure Programme (UKC IP) be noted and

2.    The progress of UKC IP projects identified within the Change Request as presented to Investment Board, including those rated as Red within the Investment Programme Dashboard be noted.

Noted.

The board considered a report detailing the Commercial Investment Fund dashboard (public iteration) as at 1 November 2024.

Resolved that: The report be noted.

Noted.

The board considered a report detailing the Brownfield Land & Property Development Fund dashboard (public iteration) as at 1 November 2024.

Resolved that: The report be noted.

Noted.

The board considered a report detailing the Residential Investment Fund dashboard (public iteration) as at 1 November 2024.

Resolved that:The report be noted.

[In accordance with s100(A) of the Local Government Act 1972, the public and press be excluded from the meeting for the following items of business as they are likely to involve the disclosure of exempt information as specified in the paragraphs of the Act.]

Resolved that:

In accordance with s100(A) of the Local Government Act 1972, the public and press be excluded from the meetiing for the following items of business as they are likely to involve the disclosure of exempt information as specified in the paragraphs of the Act.

The report be deferred to a future meeting.

The board considered a report of the Chief Executive that reported on progress with regards to the Stone Yard project. The report set out three options for consideration and sought approval of Option 2, to proceed with grant for phase 1, incorporating a minimum of 121 units of affordable housing accommodated in phase 1.

The Head of Development and Delivery, Ben Colman, summarised the report that provided an update on the project since it was last considered by the board. He also outlined the three options for consideration and in particular, the recommended option, option 2.

[Councillor Burden (Wolverhampton) indicated that he had to leave the meeting at this point but did not support option 2 and outlined his reasons for this]

The Executive Director of Finance and Business Hub, Linda Horne and the Director of Investment and Commercial, Ian Martin, also responded to questions from the board and outlined the risks and benefits of the recommended option.

The majority of board members did not support option 2 on the basis of the information contained in the report. The board also considered option 2 did not meet the WMCA’s criteria of affordable housing to receive grant funding.

It was agreed that the report be deferred to a future meeting.

The Chair asked that the report be re-submitted to a future meeting so that further information could be provided. He asked that this includes, the value of phase 2 land, the sensitivity on land yields and costs breakdown, more details for security of grant and clawback.

Councillor McCarthy (Birmingham) reported that she did not agree with the decision to defer the report and asked for this to be recorded in the minutes.

Resolved that: The report be deferred to a future meeting.

Noted.

The board considered a dashboard report detailing the four housing and land funds.

Resolved : The report be noted.

Noted.

The board considered a report detailing the Commercial Investment Fund dashboard as at 1 November 2024.

Ed Bradburn (West Midlands Development Capital) provided an update of the status of the schemes in the fund since the last meeting.

Resolved: That the report be noted.

Noted.

The board considered a report detailing the Brownfield Land and Property Development Fund dashboard as at 1 November 2024.

Resolved: That the report be noted.

Noted.

The board considered a report detailing the Residential Investment Fund dashboard as at 1 November 2024.

Resolved : That the report be noted.