(1) The full business case for Coventry Electric Bus City proposal under the Government’s Phase 2 of the All-Electric Bus Town competition was authorised.
(2) The estimated cost of the project, which was inclusive of the £50m funding from the Government, was noted.
(3) It was noted that the WMCA was the accountable body for the entirety of the funding package and any costs above the funding from the Department for Transport.
(4) The allocation of £5m from the Investment Programme to fund the WMCA contributions to infrastructure upgrades was authorised, subject to the extension of the Investment Programme affordable limit being agreed.
(5) It was noted that the scope and delivery of the project continued to be refined and that the risks to scope and delivery uncertainty were mitigated by the project’s risk management strategy.
(6) The delegations to the Monitoring Officer and the Director of Finance to enter into the various funding agreements and contracts which would be reasonably required to enable delivery of the project were approved.