Agenda and decisions

Investment Zone Board - Thursday 5th December 2024 10.30 am

Venue: Curzon Building, 4 Cardigan St, Birmingham, B4 7BD

Contact: Dan Essex, Governance & Scrutiny Manager

Items
No.	Item
1.	Apologies for Absence Presented By: Chair Decision: Apologies for absence were received from Councillor Ian Courts (Solihull), Councillor Patrick Harley (Dudley), Paul Noon (Coventry University), Professor Aleks Subic (Aston University) and Councillor Sharon Thompson (Birmingham).
3.	Chair's Remarks Presented By: Chair Decision: The Chair welcomed members of the board to Birmingham and stressed the value of these meetings in seeing in-person the significant opportunities the IZ offers for the whole of the region.
4.	Minutes - 3 October 2024 PDF 146 KB Presented By: Chair Decision: The minutes of the meeting held of 3 October 2024 were agreed as a correct record.
5.	West Midlands Investment Zone – Update Report PDF 153 KB View the background to item 5. View the decision for item 5. Presented By: Steve Bowyer Additional documents: Enc. 1 for WM Investment Zone – Programme Report , item 5. PDF 109 KB Decision: The progress on programme delivery was noted.
6.	Coventry and Warwick Gigapark Full Business Case PDF 274 KB View the background to item 6. View the decision for item 6. Presented By: Steve Bowyer Additional documents: Enc. 1 for Coventry and Warwick Gigapark Full Business Case , item 6. PDF 6 MB Enc. 2 for Coventry and Warwick Gigapark Full Business Case , item 6. PDF 270 KB Decision: (1) The full business case for the Coventry and Warwick Gigapark, including the comments from the Investment Panel, were noted. (2) The Coventry and Warwick Gigapark full business case progress to WMCA Board to: (a) Note the comments of the Investment Panel and the Investment Zone Board; (b) Approve the Coventry and Warwick Gigapark full business case; (c) Approve grant funding of £21.038m to Coventry City Council for the Coventry and Warwick Gigapark, subject to the following conditions, outlined in the Financial and Legal Implications: (i) confirmation of flexible funding grant by the Ministry of Housing, Communities & Local Government; (ii) delivery of the outcomes funded through the Strategic Outline Case; (iii) appropriate provision for overage in the event of income generation, for example from land disposals or other arrangements; (iv) the delegation of authority to the Monitoring Officer to finalise a grant agreement with Coventry City Council including the detail of the conditions outlined.
7.	Warwick District Council Local Growth Initiatives PDF 247 KB View the background to item 7. View the decision for item 7. Presented By: Steve Bowyer Additional documents: Enc. 1 for Warwick District Council Local Growth Initiatives , item 7. PDF 113 KB Restricted enclosure 11 View the reasons why document 7./3 is restricted Decision: (1) The list of growth initiatives proposed by Warwick District Council, including the proposals for the Abbey Fields local growth initiative, was approved. (2) The WMCA Board was recommended to approve Abbey Fields as a local growth initiative and to reimburse the business rates to fund the costs associated with capital expenditure for Abbey Fields. (3) The WMCA Board was recommended to delegate approval to the Section 73 Officer to finalise the quantum and profile of reimbursement of rates based on the principles outlined within the report.
8.	Date of Next Meeting Presented By: Chair Decision: Thursday 6 March 2025 at 10.00am.