Agenda and draft minutes

Venue: 16, Summer Lane, Birmingham, B19 3SD

Contact: Carl Craney Governance Services Officer West Midlands Combined Authority 

Items
No. Item

85.

Chair's Opening Remarks

Minutes:

The Chair welcomed those present and extended his best wishes for a Happy New Year.

86.

Apologies for Absence (if any)

Presented By: Chair

Minutes:

Apologies for absence had been received from Nick Abell (Coventry and Warwickshire Local Enterprise Partnership), Councillor Kurshid Ahmed (Dudley Metropolitan Borough Council), Paul Brown (Black Country Local Enterprise Partnership), Councillor Tony Jefferson (Stratford on Avon District Council), Councillor Roger Lawrence (City of Wolverhampton Council), Councillor Jim O’Boyle (Coventry City Council) and Gary Taylor (Greater Birmingham and Solihull Local Enterprise Partnership).

 

Apologies for absence had also been received from Richard Moon (Coventry City Council) and Nick Oakley (West Midlands Development Capital).

87.

Notification of Substitutes (if any)

Minutes:

Councillor Maurice Howse had been appointed as a substitute for Councillor Tony Jefferson (Stratford on Avon District Council) and Councillor John Reynolds had been appointed as a substitute for Councillor Roger Lawrence (City of Wolverhampton Council).  

88.

Declarations of Interests (if any)

Minutes:

No declarations of interest were made relative to items under consideration at the meeting.

89.

Minutes of last meeting pdf icon PDF 141 KB

Minutes:

With reference to Minute No. 81 (Parkes Homes, Straits Road – Collective Investment Fund (CIF) Loan), Sarah Middleton advised that no application had been made for funding via the Black Country Local Enterprise Partnership.

 

With reference to Minute No. 82 (GJL Property Developers Ltd – Collective Investment Fund (CIF) Loan), the Chair enquired as to the current position. Gerald Gannaway reported that an alternative funding source had been identified for this case.

 

Resolved:

That the minutes of the meeting held on 10 December 2018 be confirmed as a correct record and signed by the Chair.  

90.

Investment Programme and Dashboard pdf icon PDF 222 KB

Additional documents:

Minutes:

Linda Horne presented a report on the status of the Investment Programme to assist the Board in determining any investment decisions. She drew to the attention of the Board that the funding gap amounted to £209 million and that nine separate workstreams were in progress to address this matter. An update on the nine workstreams would be made to the meeting scheduled to be held on 18 February 2019.

 

Julia Goldsworthy presented the Investment Programme Dashboard which included details of key risks.

 

Resolved:

            That the report and Dashboard be received and noted.

 

91.

WMCA Collective Investment Fund (CIF) - Dashboard pdf icon PDF 384 KB

Minutes:

Gerald Gannaway presented the Collective Investment Fund (CIF) Dashboard

(public iteration) as at 15 January 2019.

 

Resolved:

That the Dashboard be received and noted.

92.

WMCA Brownfield Land and Property Fund (BLPDF) - Dashboard pdf icon PDF 241 KB

Minutes:

Gerald Gannaway presented the Brownfield Land and Property Fund (BLPPF) Dashboard (public iteration) as at 15 January 2019.

 

Resolved:

That the Dashboard be received and noted.

93.

Exclusion of the Public and Press

[To pass the following resolution:

That in accordance with Section 100(A) of the

Local Government Act, 1972 the press and

public be excluded from the meeting for the

following items of business as it involves the

likely disclosure of exempt information relating to

the business or financial affairs of any particular

person (including the authority holding that

information)]

Minutes:

Resolved:

That in accordance with Section 100A4 of the Local Government Act

1972, the press and public be 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).

94.

WMCA Investment Prospectus - Presentation

Minutes:

Colin Clinton reported on work which had been undertaken on the draft Investment Prospectus since his presentation following the conclusion of the last meeting of the Board. He advised that a further iteration would be presented to the Investment Advisory Group scheduled to be held on 4 February 2019 and the next meeting of this Board scheduled for 18 February 2019 prior to the formal launch at the MIPIM exhibition in Cannes between 11 and 15 March 2019. He explained the purpose of the document and the collaborative working between the various local authorities and Local Enterprise Partnerships. The Board received a PowerPoint presentation from Karen Donoghue on the draft document.

 

Members of the Board and Officers made various suggestions as to possible additions to the draft document including:

·         Links to the various universities and higher educational establishments;

·         Connectivity;

·         5G;

·         Air Quality;

·         Links to and role of West Midlands Combined Authority;

·         Pipeline investment opportunities;

·         Industrial Strategy;

·         Smooth passage to and ease of investment opportunities;

·         The accessibility of Birmingham Airport; and

·         Cultural attractions in the area.

 

Resolved:

That the draft document be supported subject to the comments now made being reflected in the next iteration.

95.

Yousaf Property Holdings Ltd. (MIA) - Collective Investment Fund (CIF) Loan Application

Minutes:

Gerald Gannaway presented a report which sought approval to a £3,300,000 and a £5,600,000 Collective Investment Fund (CIF) loans to purchase and redevelop (refurbish and convert) premises known as Block k at the former Selly Oak Hospital into between 15 and 30 units with associated parking and for the demolition of the former Ladywood Social Club to provide 56 apartments and associated parking respectively. He advised that in respect of the first drawdown for land purchase of each loan that the Investment Advisory Group had recommended that only 50% of the funding be allocated towards the acquisition of the land in order to protect the West Midlands Combined Authority’s interests in the event that the scheme was not delivered. He explained the present position with the land acquisition and planning permission.

 

Gareth Bradford welcomed the explanation on the position with the funding arrangements and commented on the need to ensure that the West Midlands Combined Authority could not be accused of being involved in the artificial inflation of land values. Councillor Robert Hulland queried the methodology for the proposals and these were explained by Gerald Gannaway.

 

Resolved:

That Collective Investment Fund (CIF) loans in the sums of £3,300,000 and £5,600,000 be approved on the terms and conditions detailed in the report, at the meeting and the additional paper circulated subsequently.

96.

WMCA Collective Investment Fund (CIF) - Dashboard

Minutes:

Gerald Gannaway presented the Collective Investment Fund (CIF) Dashboard (private iteration) as at 15 January 2019.

 

Resolved:

That the Dashboard be received and noted.

97.

WMCA Brownfield Land and Property Development Fund (BLPDF) - Dashboard

Minutes:

Gerald Gannaway presented the Brownfield Land and Property Fund (BLPPF) Dashboard (private iteration) as at 15 January 2019.

 

Resolved:

That the Dashboard be received and noted.