Decision Details

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Details

Status:
Implemented
Title:
Birmingham Creative Equity Fund - Investment Strategy
Include item on Forward Plan/ Key Decision
No
Item Contains Exempt/Private Reports
No
Reference:
002071/2016
Urgent Decision - Not in Forward Plan
No
Details for Agenda Sheet
Report of Strategic Director Major Projects
Implementation Date (not before meeting on)
Wed 22 Jun 2016
Purpose
To approve up to £0.5m investment from the council's Creative Equity fund in a national SEIS (Seed Enterprise Investment Scheme) managed by joint venture partners Ascension Ventures and to note progress made by AV managing the council's existing Creative portfolio. To endorse the intention of a previous decision of Cabinet concerning fund management payment to AV, noting that the structure under which the decision was originally proposed has been delayed in implementation.
Key Portfolio
OLD - Children, Families and Schools
Decision Maker
Cabinet Member and Chief Officer
Chief Officer Decision Maker
1 Diamond
Reason For Key Decision
Relevant Documents
Decision Type:
Committee
Decision Maker:
Cabinet Member
Directorate
Other Information
Private Reason
To note that a report on the private agenda contains the commercial detail pertaining to these decisions
Decision Outcome
On 22 June 2016 the Deputy Leader jointly with the Strategic Director Finance and Legal: i) Approved the allocation of up to £0.5m from the council's Creative Equity Fund into a Seed Enterprise Investment Scheme (SEIS) fund managed by Ascension Ventures, a company in which Birmingham City Council holds 40% of ordinary share capital; ii) Endorsed the implementation of a process of reward for the Ascension Ventures fund managers in line with the intention of Cabinet on 19 June 2015 on both the existing investments under their management and the funds to be invested in the SEIS; iii) Authorised the interim Acting City Solicitor to negotiate, execute and complete all relevant documentation to give effect to the above; iv) Noted that the Cabinet report of 12 December 2011 approved the business case and prudential borrowing for the Creative Industries equity fund of £5m. NOTE: CALL IN ENDS MONDAY 27 JUNE 2016 AT 1600 HOURS.
Is Decision County Wide:
No
Would the recommended decision be contrary to the budget and policy framework:
No
Decision Options:

Additional Information

Reg 10
Reg 11

Decision Criteria

This Decision does not contain any decision criteria records.

Wards

This Decision does not contain any Ward records.

Topics

This Decision does not contain any Topic records

Overview and Scrutiny

Corporate Resources and Governance Overview and Scrutiny Committee

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This section displays the history of the Decision.

Decision History

Date & Time CreatedUser Full NameStatus DescriptionDetails
123
 Page 1 of 3, items 1 to 10 of 25.
22/06/2016 10:05:33Carole WoodBusiness Item Created 
22/06/2016 10:05:33Carole WoodCommittee AddedCabinet
22/06/2016 10:05:33Carole WoodMeeting Added20/01/2017 4:30PM
22/06/2016 10:05:33Carole WoodOS Committee AddedCorporate Resources and Governance Overview and Scrutiny Committee
22/06/2016 10:05:47Carole WoodStatus ChangedDecision Scheduled [1]
22/06/2016 10:08:13Carole WoodMeeting Added28/06/2016 10:00AM
22/06/2016 10:32:38Sarah StrideGeneral Details Edited 
22/06/2016 11:02:47David SmithGeneral Details Edited 
22/06/2016 11:03:32David SmithCommittee AddedJoint Cabinet Member and Chief Officer
22/06/2016 11:03:42David SmithMeeting Deleted28/06/2016 10:00AM

Approval/Comments

No history found.