Agenda, decisions and minutes

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).

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).

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.

The Chair welcomed members of the board to Birmingham, thanking Birmingham City University for hosting the board and stressed the value of these meetings in seeing in-person the significant opportunities the Investment Zone offered for the whole of the region.

The minutes of the meeting held of 3 October 2024 were agreed as a correct record.

The minutes of the meeting held of 3 October 2024 were agreed as a correct record.

The progress on programme delivery was noted.

The board considered a report of the Executive Director of Strategy, Economy & Net Zero on an overview of the programme to enable it to monitor progress and direct its ongoing delivery. The board also received updates on the Birmingham Knowledge Quarter, Coventry Warwick Gigapark and Wolverhampton Green Innovation Corridor.

The Head of the West Midlands Investment Zone provided a brief update on the issues relating to the equity fund and it was agreed that in the new year a roundtable event with key stakeholders would be held to fully understand those issues.

The Chair noted the good progress being made on the Coventry and Warwick Gigapark and suggested a future in-depth update would be beneficial to enable his conversations with investors and central government. He also commented on the amount of confidence and interest for businesses overseas and the potential this offered the region.

Councillor Steve Evans raised his concern regarding the Zero Emission Vehicle mandate which he felt was not helpful for the car industry, especially with the ambition of Coventry being the home of research and development for production of electric vehicle batteries.

Resolved:

(1)  The progress on programme delivery be noted.

(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.

The board considered a report of the Executive Director for Strategy, Economy & Net Zero seeking approval of £23m capital funding to support the site readiness of the Coventry and Warwick Gigapark as outlined within the developed Full Business Case.

Councillor Andrew Burrow queried as to what the fall-back plan for the manufacturing future of this investment zone in the event that the site could not attract a battery factory. Andy Williams from Coventry City Council highlighted that there were very few sites in the UK that could accommodate battery manufacturing on a large scale, increasing the likelihood that suitable business would be attracted by the Coventry and Warwick site. He gave further information to the board about how the site was being marketed to industry and government representatives.

Resolved:

(1)  The full business case for the Coventry and Warwick Gigapark, including the comments from the Investment Panel, be 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, eg. 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.

(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.

The board considered a report of the Executive Director of Strategy, Economy & Net Zero seeking approval of the listed sites presented by Warwick District Council constituting ‘local growth initiatives’ for the purposes of the Memorandum of Understanding, and that the Abbey Fields project can be recommended to WMCA Board for approval to receive the appropriate reimbursement of retained business rates within that scheme.

Resolved:

(1)  The list of growth initiatives proposed by Warwick District Council, including the proposals for the Abbey Fields local growth initiative, be approved.

(2)  The WMCA Board be 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 be recommended to delegate authority to the Section 73 Officer to finalise the quantum and profile of reimbursement of rates based on the principles outlined within the report.

Thursday 6 March 2025 at 10.00am.

Thursday 6 March 2025 at 10.00am.