Agenda, decisions and draft minutes

Venue: Room 116, 16, Summer Lane, Birmingham, B19 3SD

Contact: Wendy Slater , Senior Governance Services Officer West Midlands Combined Authority 

Items
No. Item

22.

Apologies for Absence

Presented By: Chair

Decision:

Councillor Waseem Ali (Sandwell), Councillor Tony Jefferson (Stratford-on-Avon) and Sue Summers (West Midlands Development Capital).

Minutes:

Apologies for absence were received from Councillor Waseem Ali (Sandwell), Councillor Tony Jefferson (Stratford-on-Avon) and Sue Summers (West Midlands Development Capital).

23.

Minutes - 29 June 2021 pdf icon PDF 164 KB

Presented By: Chair

Decision:

Agreed as a correct record.

Minutes:

The minutes of the meeting held on 29 June 2021 were agreed as a correct record.

24.

Investment Programme Update pdf icon PDF 238 KB

Presented By: Ian Martin

Additional documents:

Decision:

(1)      The status of Investment Programme delivery was noted.

 

(2)      The Investment Programme funding status was noted.

Minutes:

The board considered a report of the Director of Investment & Commercial Activities on the status of the Investment Programme so as to help set the context for any investment decisions being made by the board.

 

Approved funding from the Investment Programme currently totalled £833.3m as at 30 June 2021, with proposals for a West Midlands Co-Investment Fund and the City Learning Quarter (Phase 1) - College of Wolverhampton Technical Centre scheme due to be presented to the WMCA Board for approval on 23 July 2021. Investment Programme funding actually drawn/incurred by projects against those funding commitments as at 31 March 2021 provisionally totalled £307.6m.

 

Since the last meeting of the board, the following submissions had been approved:

 

·       Formal notification to reduce Investment Programme funding approved for Birmingham International Station by £1m to £8.27m.

·       Formal notification to reduce Investment Programme funding approved for Roundabout Over-Trace by £1.37m to £18.58m.

 

The Director of Finance stressed that Investment Programme funding was often a capped contribution to a specific project that had multiple sources of other funding. For those projects that were the responsibility of the WMCA, the WMCA Board had recognised that there was currently limited capital contingency available. Work was ongoing as to how the WMCA might access other funds to help address this.

 

Resolved:

 

(1)      The status of Investment Programme delivery be noted.

 

(2)      The Investment Programme funding status be noted.

25.

Collective Investment Fund Dashboard pdf icon PDF 320 KB

Presented By: Nick Oakley

Decision:

The report was noted.

Minutes:

The board considered a report from West Midlands Development Capital on the Collective Investment Fund dashboard as a 1 July 2021.

 

Resolved:

 

The report be noted.

26.

Brownfield Land & Property Development Fund Dashboard pdf icon PDF 319 KB

Presented By: Nick Oakley

Decision:

The report was noted.

Minutes:

The board considered a report on the Brownfield Land & Property Development Fund dashboard as at 1 July 2021.

 

Resolved:

 

The report be noted.

27.

Revolving Investment Fund Dashboard pdf icon PDF 297 KB

Presented By: Nick Oakley

Decision:

The report was noted.

Minutes:

The board considered a report from West Midlands Development Capital on the Revolving Investment Fund dashboard as at 1 July 2021.

 

Resolved:

 

The report be noted.

28.

Exclusion of the Public & Press

[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)]

Presented By: Chair

Decision:

The public and press were excluded for the remainder of the meeting.

Minutes:

Resolved:

 

In accordance with s100A4 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 involved the likely disclosure of exempt information relating to the business affairs of a particular person (including the authority holding that information).

29.

Chancerygate, Holbrook Lane, Coventry

Presented By: Ed Bradburn

Decision:

An increase to the previously approved loan of £8m to £8.8m to fund the increased costs required to deliver the development by way of a senior commercial loan on the key terms and conditions included within the report was approved.

Minutes:

The board considered a report from Director of Housing & Regeneration and the Director of Investment & Commercial Activities on proposals to increase a previously approved loan to assist in the construction of 17 light industrial units at Chancerygate, Holbrook Lane, Coventry totalling 105,218 square feet. The original proposals had been approved at the meeting of this board on 20 July 2020.

 

West Midlands Development Capital reported that labour and materials had seen recent increases in costs, which had prompted the request to increase the previously agreed loan. The Director of Investment & Commercial Activities indicated that the developer was now at the stage of contracting for the works and therefore any subsequent cost overruns would need to be met by the borrower. This would mean that the WMCA should not be approached for any further increase in the loan facility.

 

Resolved:

 

An increase to the previously approved loan, for the sum set out within the report, to fund the increased costs required to deliver the development by way of a senior commercial loan on the key terms and conditions also included within the report be approved.

30.

Collective Investment Fund Dashboard

Presented By: Nick Oakley

Decision:

The report was noted.

Minutes:

The board considered a report from West Midlands Development Capital on the Collective Investment Fund dashboard as a 1 July 2021.

 

Resolved:

 

The report be noted.

31.

Brownfield Land & Property Development Fund Dashboard

Presented By: Nick Oakley

Decision:

The report was noted.

Minutes:

The board considered a report on the Brownfield Land & Property Development Fund dashboard as at 1 July 2021.

 

Resolved:

 

The report be noted.

32.

Revolving Investment Fund Dashboard

Presented By: Nick Oakley

Decision:

The report was noted.

Minutes:

The board considered a report from West Midlands Development Capital on the Revolving Investment Fund dashboard as at 1 July 2021.

 

Resolved:

 

The report be noted.

33.

Black Country Land & Property Investment Fund Dashboard

Presented By: Sarah Middleton

Decision:

The report was noted.

Minutes:

The board considered a report on the Black Country Land & Property Investment Fund dashboard as at 1 July 2021.

 

Resolved:

 

The report be noted.

34.

Date of Next Meeting

Decision:

Monday 9 August 2021 at 11.00am.

Minutes:

Monday 9 August 2021 at 11.00am.