Agenda, decisions and minutes

Venue: Room 116, West Midlands Combined Authority, 16 Summer Lane, Birmingham, B19 3SD

Contact: Wendy Slater, Senior Governance Services Officer 

Items
No. Item

1.

Apologies for Absence

Presented By: Julia Cleary

Decision:

An apology for absence was received from Councillor Mark Statham (Walsall).

Minutes:

Apologies for absence were received from Councillor Steve Clarke (Dudley) and Councillor Mark Statham (Walsall).

2.

Appointment of Chair for 2024/25

Presented By: Julia Cleary

Decision:

The Board endorsed Councillor Sharon Thompson as Chair of the Investment Board for the 2024/25 municipal year.  

Minutes:

The board endorsed Councillor Sharon Thompson as Chair of the Investment Board for the 2024/25 municipal year. 

3.

Chair's Remarks

Presented By: Chair

Minutes:

The Chair welcomed existing and new members to the board.

 

The Chair extended her thanks to Councillor Bob Sleigh for his contribution and work undertaken previously on the board as Chair and as WMCA Portfolio Holder for Finance. 

 

 

4.

Minutes - 18 March 2024 pdf icon PDF 180 KB

Presented By: Chair

Decision:

The minutes of the meeting held on 18 March were agreed as a correct record.

Minutes:

The minutes of the meeting held on 18 March were agreed as a correct record.

5.

Investment Programme Update pdf icon PDF 221 KB

Presented By: Ian Martin

Additional documents:

Decision:

Resolved:

 

(1)  Approval under delegated authority by WMCA Officers of the business case submission disclosed at Section 3 was noted.

 

(2)  The WMCA Investment Programme funding status and current affordable limit, as outlined at Section 4 was noted.

 

(3)  The Regional Investment Programme delivery update detailed within this report and appendices (including the project-level summary) within WMCA Investment Programme dashboard at Appendix 2 was noted.

                       

Minutes:

The board considered a report from the Director of Commercial & Investment to note the status of the Investment Programme to help set the context for any investment decisions being made by the Board.

 

Resolved:

 

(1)  Approval under delegated authority by WMCA Officers of the business case submission disclosed at Section 3 be noted.

 

(2)  The WMCA Investment Programme funding status and current affordable limit, as outlined at Section 4 be noted.

 

(3)  The Regional Investment Programme delivery update detailed within this report and appendices (including the project-level summary) within WMCA Investment Programme dashboard at Appendix 2 be noted.

                    

6.

Commercial Investment Fund Dashboard pdf icon PDF 597 KB

Presented By: Nick Oakley

Decision:

Resolved: The report was noted. 

Minutes:

The board considered a report produced by West Midlands Development Capital (WMDC) to detail the Commercial Investment Fund dashboard (public iteration) as at 1 June 2024.

 

Resolved: That the report be noted. 

7.

Brownfield Land & Property Development Fund pdf icon PDF 593 KB

Presented By: Nick Oakley

Decision:

Resolved: The report was noted.

Minutes:

The board considered a report produced by West Midlands Development Capital (WMDC) to detail the Brownfield Land & Property Development Fund dashboard (public iteration) as at 1 June 2024.

 

Resolved: That the report be noted. 

 

8.

Residential Investment Fund Dashboard pdf icon PDF 592 KB

Presented By: Nick Oakley

Decision:

Resolved: The report was noted.

Minutes:

The board considered a report produced by West Midlands Development Capital (WMDC) to detail the Residential Investment Fund dashboard (public iteration) as at 1 June 2024.

 

Resolved: That the report be noted. 

 

9.

Exclusion of the Public and Press

[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.]

Presented By: Chair

Minutes:

That in accordance with Section 100A4 of the Local Government Act 1972, the press and public are excluded from the meeting during the consideration of the following items of business as they involve the likely disclosure of exempt information relating to the business affairs of any particular person (including the authority holding that information).

 

10.

Acquisition of titles for Stratford Gateway

Presented By: Anna Jones

Decision:

Resolved:

 

(1)  The freehold purchase by WMCA of a site comprising eight titles in Arden St, Stratford-upon-Avon, as part of a land assembly strategy for the scheme known as ‘Stratford Gateway’ was approved.

 

(2)  Gross budget of £9m to facilitate the acquisition, cover all WMCA costs including overhead costs, holding costs, and costs associated with obtaining planning consent on the site, before securing a development partner to deliver a residentially led mixed-use scheme which will deliver 118 new homes on the Gateway site in Stratford-upon-Avon was approved.  

Minutes:

The board considered a report from the Development Manager, Acquisitions & Disposals to respond to member comments of 18 March 2024 Investment Board and seek approval for a gross investment of £9m for the acquisition and subsequent costs of holding the titles whilst planning was obtained, and a development partner was secured with the objective of delivering a mixed-use scheme which would provide 118 new homes on The Gateway site in Stratford-upon-Avon.

 

It was noted that the Deputy Leader and Deputy Chief Executive from Stratford-on-Avon District Council were present at the meeting for the agenda item.

 

A board member noted the absence of an elected member to oversee and receive a greater level of clarity and understanding prior to decision-making at board by members.  It was noted that a decision had been taken to abolish Housing and Land Delivery Board, as well as Portfolio Leads which would have provided additional scrutiny.  The Chair agreed for discussions outside of the meeting to be undertaken regarding a review of the governance arrangements to consider how such a review could be accommodated.

 

A board member commented that many of the previously raised concerns were now addressed.  They noted the requirement for the project to return some funds through a sale of the de-risked site in the future and the interdependency of costs and apartment values on this figure.  The WMCA’s Housing, Property and Regeneration Directorate confirmed that they were content with the advice received and that the apartment values were in line with their views.

 

The board were satisfied that following deferral of the report on 18 March 2024 to request further information, clarification and assurance within the report had been met. 

 

Resolved:

 

(1)  The freehold purchase by WMCA of a site comprising eight titles in Arden St, Stratford-upon-Avon, as part of a land assembly strategy for the scheme known as ‘Stratford Gateway’ be approved.

 

(2)  Gross budget of £9m to facilitate the acquisition, cover all WMCA costs including overhead costs, holding costs, and costs associated with obtaining planning consent on the site, before securing a development partner to deliver a residentially led mixed-use scheme which will deliver 118 new homes on the Gateway site in Stratford-upon-Avon be approved.

11.

Black Country Land & Property Fund- Change Request

Presented By: Ian Martin/Kelly Valente

Decision:

Resolved: The extension to the Black Country Land and Property Investment Fund spend and output profiles, as set out in paragraph 3.5 was approved.

 

 

 

Minutes:

The board considered a report from the Director of Commercial & Investment to approve the extension of the Black Country Property Investment Fund (LPIF), to allow committed projects within the programme to continue to spend beyond the current contract end date of 31 March 2025, and allow Walsall Council’s programme management team additional time to collect and evidence outputs and outcomes to capture added value for the programme.

 

Following a comment from a board member to understand the calculations and figures on employment levels and identification of job sectors created for housing development schemes, the Chair requested for the Accountable Body, Policy, & Programme Delivery Manager at Walsall Council to provide the board with a profile and breakdown of the jobs and sectors, as well as to provide the target in 2022/23 following the report that noted in the same year that 15 jobs were created to allow the board to compare, note and agree at the next board meeting.  

 

Resolved:

 

(1)  The extension to the Black Country Land and Property Investment Fund spend and output profiles, as set out in paragraph 3.5 be approved.

 

 

 

12.

Black Country Land & Property Investment Fund Dashboard

Presented By: Kelly Valente

Decision:

Resolved: The report was noted.

Minutes:

The board considered a report produced and presented by the Accountable Body, Policy & Programme Delivery Manager at Walsall Council to detail the Black Country Land and Property Investment Fund Dashboard.

 

Following a comment received on a particular project within the dashboard in regard to the realisation, assumptions and a ‘lessons learnt’ approach, the Chair noted for updates to the dashboard to be clearer from officers to advise on decisions expected to be made by board members on proposals and recommendations for oversight and scrutiny.

 

Resolved: That the report be noted.

13.

Redstart Construction Limited - Shrewsbury Business Park

Presented By: Ed Bradburn

Decision:

Resolved:

 

(1)  The comments made by Investment Panel when this proposal was presented was noted.

 

(2)  The investment of £2m providing a loan to Redstart Construction Limited for a term three years under the Commercial Investment Fund / Residential Investment Fund as per the terms and conditions specified in the attached report was approved.

 

(3)  Delegate the negotiation and approval of the final terms of the loan to the Director of Commercial and Investment was agreed. 

Minutes:

The board considered a report from a representative of West Midlands Development Capital (WMDC) to seek the approval of the board to make an investment in the form of a loan and detailed the powers and ability of the WMCA to make such an investment. The proposed loan would facilitate the development of 24,342 sqft of offices at Shrewsbury Business Park.   

 

Resolved:

 

(1)  The comments made by Investment Panel when this proposal was presented be noted.

 

(2)  The investment of £2m providing a loan to Redstart Construction Limited for a term three years under the Commercial Investment Fund / Residential Investment Fund as per the terms and conditions specified in the attached report be approved.

 

(3)  The negotiation and approval of the final terms of the loan to the Director of Commercial and Investment be delegated.   

14.

Commercial Investment Fund Dashboard

Presented By: Nick Oakley

Decision:

Resolved: The report was noted.

Minutes:

The board considered a report produced by West Midlands Development Capital (WMDC) to detail the Commercial Investment Fund dashboard (private iteration) as at 1 June 2024.

 

Resolved: That the report be noted. 

 

 

15.

Brownfield Land & Property Development Fund Dashboard

Presented By: Nick Oakley

Decision:

Resolved: The report was noted.

Minutes:

The board considered a report produced by West Midlands Development Capital (WMDC) to detail the Brownfield Land and Development Fund dashboard (private iteration) as at 1 June 2024.

 

Resolved: That the report be noted. 

 

 

16.

Residential Investment Fund Dashboard

Presented By: Nick Oakley

Decision:

Resolved: The report was noted.

Minutes:

The board considered a report produced by West Midlands Development Capital (WMDC) to detail the Residential Investment Fund dashboard (private iteration) as at 1 June 2024.

 

Resolved: That the report be noted.