Agenda and minutes

The Chair welcomed Members and Officers to the meeting.

Apologies for absence had been received from Nick Abell (Coventry and Warwickshire Local Enterprise Partnership, Councillor Wasim Ali (Sandwell Metropolitan Borough Council), Councillor Mike Bird (Walsall Metropolitan Borough Council), Councillor Tony Jefferson (Non-Constituent Authorities) and Councillor Jim O’Boyle (Coventry City Council).

Apologies for absence had also been received from Richard Moon and Andy Williams (Coventry City Council), Paula Deas (Coventry and Warwickshire Local Enterprise Partnership), Richard Lawrence (City of Wolverhampton Council), Nick Oakley (West Midlands Development Capital) and Roger Mendonca (West Midlands Growth Company). 

Councillor Matt Jennings had been nominated as a Substitute Member for Councillor Tony Jefferson.

Members are reminded of the need to declare

any disclosable pecuniary interests they have in

an item being discussed during the course of the

meeting. In addition, the receipt of any gift or

hospitality should be declared where the value of

it was thought to have exceeded £25 (gifts) or

£40 (hospitality).

Councillor Stephen Simkins declared non-pecuniary interests in matters relating to Pipe Hall, Bilston and the City Learning Quarter in Wolverhampton which were referred to in the Brownfield Land and Property development Fund Dashboard and during the discussion on the Investment Programme update and Dashboard respectively as the Local Ward Member and Cabinet Member for City Economy as appropriate.   

Resolved:

That the minutes of the meeting held on 15 February 2021 be confirmed as a correct record and signed by the Chair.

Ian Martin presented a report on the status of the Investment Programme to

assist the Board in setting out the context for any investment decisions to be

made by the Board.

He reported that approved funding from the WMCA Investment Programme

for programmes totalled £795.3 million (as at 28 February 2021), compared

to £795.3 million as at 31 January 2021) with funding drawn down /

incurred against these projects as at 31 January 2021 totalling £265.3 million.

He reported that at the meeting of the WMCA Board held on 19 March 2021 it had been agreed that the headroom be increased by £70 million subject to the Overview and Scrutiny Committee not raising any objections. Thus, the potential for commitments in the Investment Programme now totalled £871 million rather than the £801 million set in November 2019.

He advised that a response from The Treasury was awaited on the outcome of the Devolution Deal Gateway Review.

With reference to the additional headroom, the Chair explained that the affordability was influenced by the timing of expenditure and interest. Since 2019, both of these metrics had moved in the favour of the Investment Programme affordability, with drawdowns being re-profiled into later years and the global economic conditions reducing borrowing levels to historically low levels. It would, however, be necessary to ringfence some of the additional money for revenue risk in relation to the funding of transport due to the pandemic including losses in Light Rail revenue and associated instability within the bus market.    Whilst the unmitigated assessment was circa £30m - £50m, a risk assessed value of £10m was considered prudent to provide appropriate financial resilience in the short-term while the on-going uncertainty continued and risks continued to emerge. It was hoped that the Government would continue to support fare revenues and, if this was the case, the sum would be returned to this Board to use for investment purposes.

He advised that the WMCA Board had also agreed to ringfence a further £5m of the £70m for risks associated with the Capital Programme and had set aside £9.5m to deliver Perry Barr Station and Interchange and £20m to deliver the five new Rail stations, with this funding to be returned to the Investment Programme for reallocation if the WMCA were able to lobby successfully the Government to fund the these schemes via the Intra City Transport Settlement.

A provisional allocation of £5.1m had also been made at WMCA Board to allow for a package of #2041 initiatives including the development of the Net Zero Neighbourhood Smart Hub, Energy and Environment Package and Natural Capital Programme as part of the WM2041.

Linda Horne also referred to a sum of £5m from the Investment Programme, approved at WMCA Board, as the local contribution towards the Coventry Electric Bus Town proposal which would release £50m of Government funding plus £84m of private sector matched funding, which represented excellent value for money for the region. A remaining sum of £15.4m had been identified by WMCA  ...  view the full minutes text for item 171.

Gerald Gannaway presented the Collective Investment Fund (CIF) Dashboard (public iteration) as at 1 March 2021.

Resolved:

          That the Dashboard be received and noted.

Gerald Gannaway presented the Brownfield Land and Property (BLPDF) Dashboard (public iteration) as at 1 March 2021.

Resolved:

          That the Dashboard be received and noted.

Gerald Gannaway presented the Revolving Investment Fund (RIF) Dashboard (public iteration) as at 1 March 2021.

Resolved:

          That the Dashboard be received and noted.

[To pass the following resolution:

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)]

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).

Gerald Gannaway presented a report which sought approval to a loan from the Collective Investment Fund to regenerate 6.6 acres of brownfield land and creating 198 jobs in Darlaston.

In response to a question from Councillor Tristan Chatfield, Gerald Gannaway confirmed that the loan agreement would contain  a default interest rate clause which could be applicable if the scheme was not completed within the two-year period.

Resolved:

That approval be granted to a loan from the Collective Investment Fund subject to the key terms, security and conditions of sanction as detailed in the report. 

Gerald Gannaway presented the Collective Investment Fund (CIF) Dashboard (private iteration) as at 1 March 2021.

Resolved:

          That the Dashboard be received and noted.

Gerald Gannaway presented the Brownfield Land and Property Development Fund (BLPDF) Dashboard (private iteration) as at 1 March 2021.

Resolved:

          That the Dashboard be received and noted.

Gerald Gannaway presented the Revolving Investment Fund (RIF) Dashboard (private iteration) as at 1 March 2021.

Resolved:

          That the Dashboard be received and noted.

Sarah Middleton presented the Land and Property Investment Fund (LPIF) Dashboard as at 1 March 2021. She advised that the dashboard was in a revised interactive format but contained consistent information to those presented previously.

Resolved:

          That the Dashboard be received and noted.  

The Chair referred to a recent discussion with the WMCA Mayor on the work of the Investment Board and that the WMCA Mayor had asked for his thanks to be extended to the Board for the work it had undertaken.