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Agenda and minutes

Venue: This meeting is being held entirely by video conference facilities

Contact: Carl Craney Governance Services Officer West Midlands Combined Authority 

Items
No. Item

39.

Chair's Opening Remarks

Minutes:

The Chair thanked Members and Officers for joining this virtual meeting of

the Investment Board. He asked that any Member wishing to speak on any

item should use the appropriate icon on the tool bar or indicate their wish in

the ‘chat’ box which would be monitored throughout the meeting. Following

the consideration of each item, any member not supporting the

recommendations contained within the respective report or those made

during consideration of the item would assume to be supported unless

members made it clear that they dissented.

40.

Apologies for Absence (if any)

Presented By: Chair

Minutes:

Apologies for absence had been received from Richard Moon (Coventry City Council), Paula Deas (Coventry and Warwickshire Local Enterprise Partnership), Sally Agass (Greater Birmingham and Solihull Local Enterprise Partnership) and Serena Dhanoa (West Midlands Combined Authority).

41.

Notification of Substitutes (if any)

Minutes:

No substitutes had been nominated.

42.

Declarations of Interests (if any)

Minutes:

The Chair, Councillor Bob Sleigh, declared non-pecuniary interests in Agenda Item No. 10 (UKC Interchange - APM Realignment – Full Business Case FBC) and Agenda Item No. 11 (UKC Interchange - Arden Cross Multi-Storey Car Park - Desktop Appraisal - Outline Business Case (OBC) inasmuch as he was a Director of UKC.

 

Councillor Tristan Chatfield declared a non-pecuniary interest in Agenda Item No. 10 (UKC Interchange – APM Realignment – Full Business Case (FBC) inasmuch as he was a Member of the Board of Birmingham Airport.

43.

Minutes of last meeting pdf icon PDF 153 KB

[For approval]

Minutes:

The Chair referred to Minute No. 27 (SQW Update – Presentation. Ian Martin reported the project selected for the ‘deep dive’ investigation was the UKC projects and that SQW would be making direct contact with the Project Sponsor(s).

 

Resolved:

That the minutes of the meeting held on 20 July 2020 be confirmed as a correct record and signed by the Chair.

44.

Investment Programme Update and Dashboard pdf icon PDF 241 KB

Additional documents:

Minutes:

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 totals £770.4 million as at 31st July 2020 (£770.4 million as at 30th June 2020). Investment Programme funding actually drawn / incurred by projects against these funding commitments as at 30th June 2020 totalled £197.2 million, an increase of £20.7 million since 31 May 2020. He reminded the Board that the SQW report into the five-year Gateway review continued and that further reports on this matter would be submitted to future meetings.

 

He referred to paragraph 6.8 of the report insofar as it related to the Coventry South Package and updated the Board that £18 million matched funding had been made available by the Department for Transport towards the Stoneleigh Junction element. Written confirmation of this allocation was awaited but would be confirmed at a future meeting of the Board.

 

Resolved:

1.    That the status of the Investment Programme delivery as detailed within the report be noted;

2.    That the progress of the Devolution Deal five-year gateway review be noted;

3.    That the Investment Programme funding status be noted;

4.    That confirmation of the matched funding towards the Stoneleigh Junction element of the Coventry South Package be confirmed at a future meeting.

45.

WMCA Collective Investment Fund (CIF) - Dashboard pdf icon PDF 317 KB

Minutes:

The Board considered the WMCA Collective Investment Fund (CIF)

Dashboard (public iteration) as at 1 August 2020.

 

Resolved:

That the Dashboard be received and noted.

46.

WMCA Brownfield Land and Property Development Fund (BLPDF) - Dashboard pdf icon PDF 840 KB

Minutes:

The Board considered the WMCA Brownfield Land and Property Dashboard

(public iteration) as at 1 August 2020.

 

Resolved:

That the Dashboard be received and noted.

47.

WMCA Revolving Investment Fund (RIF) - Dashboard pdf icon PDF 1 MB

Minutes:

The Board considered the WMCA Revolving Investment Fund (RIF)

Dashboard (public iteration) as at 1 July 2020.

 

Resolved:

That the Dashboard be received and noted.

48.

Exclusion of the Public and 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)]

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).

49.

UKC Interchange - APM Realignment - Full Business Case (FBC)

Minutes:

Jonathan Bretherton and Adam Wilkinson presented a report which detailed the Full Business Case in relation to the APM Realignment at the UKC Interchange and responded to a question from the Chair on this matter.

 

Resolved:

That the funding for the proposed Automated People Mover (APM) realignment required to ensure that the huge economic potential of the expanded Birmingham International Station and adjoining land, which formed part of the wider growth plans for the UK Central (UKC) Hubarea, was realised, be approved.

50.

UKC Interchange - Arden Cross Multi-Storey Car Park - Desktop Appraisal - Outline Business Case (OBC)

Minutes:

Jonathan Bretherton and Adam Wilkinson presented a report which requested an allocation of funding for development costs associated with the Arden Cross Multi-Storey Car Park (MSCP). They explained that the funding sought would not normally be subject to consideration by this Board but that an ‘in principle’ agreement to a repayable grant was also sought in order to deliver the MSCP. A further report on this element would be submitted to a future meeting as the scheme progressed through the WMCA’s Assurance Framework. Linda Horne confirmed that the sum sought towards development funding was included within the approved allocation and that further work was required on the terms of the repayable grant. For the avoidance of doubt, Ian Martin advised that the Accountable Body for the scheme was Solihull Metropolitan Borough Council.

 

The Officers responded to various questions from Members of the Board. Linda Horne explained that ultimately the seven Metropolitan Borough Councils would be required to endorse the proposals in respect of the repayable grant and that the due diligence process was likely to take up to two years to complete. Councillor Stephen Simkins asked for an assurance on the safeguards which would be put in place in the event that the scheme was unsuccessful and also sought an assurance that this type of opportunity would be available to other members of the Combined Authority. Linda Horne advised that a robust Business Case would be required before the repayable grant was entered into and that this would need to ensure that neither the local authorities nor the WMCA was subject to undue risk. The proposal under consideration currently did not involve any financial risk.

 

Nick Abell suggested that the WMCA should take a charge against the MSCP until such time as the repayable grant was repaid. Councillor Tristan Chatfield requested that, in the light of the 2041 Agenda for carbon neutrality, consideration be given to including reference to this issue in future reports to this Board. Linda Horne advised that making a charge against the MSCP was already under consideration and undertook to ensure that the issue of carbon neutrality be included, as appropriate, in future reports to this Board.

 

Resolved:

1.     That an Investment Programme funding allocation for development costs towards the development of the Arden Cross Multi-Storey Car Park be approved;

2.     That the need as a West Midlands region to show a positive commitment towards the development of the Arden Cross Multi Storey Car Park be agreed;

3.   That the principle of a repayable grant from WMCA to Solihull             Metropolitan Borough Council (SMBC) to deliver the works at the HS2 site, which would be predicated on:

i) WMCA and SMBC identifying reliable, sufficient and secure income streams to repay the investment;

ii. WMCA being adequately satisfied that the proposal is affordable and that the risks associated with the investment are acceptable to WMCA;

iii. WMCA Constituent Authorities supporting the agreement and in particular noting the exposure to the under-write risk;

iv. The proposals progressing through the  ...  view the full minutes text for item 50.

51.

WMCA Collective Investment Fund (CIF) - Dashboard

Minutes:

The Board considered the WMCA Collective Investment Fund (CIF)

Dashboard (private iteration) as at 1 August 2020.

 

Councillor Stephen Simkins referred to the schemes at Wolverhampton and Wednesfield and requested greater collaboration between the various parties. The Chair reminded the Board that all schemes had been subject to the submission of a Business Case by the respective local authority. Ian Martin explained that prior to investment opportunities being considered by this Board they were first considered by the Investment Advisory Panel. This would shortly be replaced by an Investment Panel comprised of Officers from local authorities and he invited relevant input from Officers at that stage.  

 

Resolved:

That the Dashboard be received and noted.

52.

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

Minutes:

The Board considered the WMCA Brownfield Land and Property

Development Fund (BLPDF) Dashboard (private iteration) as at 1 August 2020.

 

Councillor Stephen Simkins asked as to the balance of funds available for brownfield land remediation and on any steps underway to replenish the Fund. Gareth Bradford advised on a recent Government announcement of an additional £40 million fund which the WMCA would be submitting a bid for in respect of brownfield land remediation. This was in addition to the £84 million awarded recently to the WMCA for this purpose.  

 

Resolved:

That the Dashboard be received and noted.

53.

WMCA Revolving Investment Fund (RIF) - Dashboard

Minutes:

The Board considered the WMCA Revolving Investment Fund (RIF)

Dashboard (private iteration) as at 1 July 2020.

 

Resolved:

That the Dashboard be received and noted.

54.

Land and Property Investment Fund (LPIF) - Dashboard

Minutes:

The Board considered the Land and Property Investment Fund (LPIF)

Dashboard as at 1 August 2020. In response to an earlier question from Councillor Stephen Simkins, Sarah Middleton reported that the funds in the LPIF had been allocated and on the collaborative work which was underway to seek further funding through the Comprehensive Spending Review.

 

Resolved:

That the Dashboards be received and noted.