This section allows you to view the general details of a Decision
Details
Title:
Birmingham Creative Equity Fund - Investment Strategy
Include item on Forward Plan/ Key Decision
No
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
Decision Maker:
Cabinet Member
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 the Decision Maker Aware of the Decision:
No
Is the Head of Services Aware of the Decision:
No
Is Decision County Wide:
No
Would the recommended decision be contrary to the budget and policy framework:
No
Additional Information
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
This section allows you to view the reports for the Decision.
This section displays the history of the Decision.
Decision History
| 22/06/2016 10:05:33 | Carole Wood | Business Item Created | |
| 22/06/2016 10:05:33 | Carole Wood | Committee Added | Cabinet |
| 22/06/2016 10:05:33 | Carole Wood | Meeting Added | 20/01/2017 4:30PM |
| 22/06/2016 10:05:33 | Carole Wood | OS Committee Added | Corporate Resources and Governance Overview and Scrutiny Committee |
| 22/06/2016 10:05:47 | Carole Wood | Status Changed | Decision Scheduled [1] |
| 22/06/2016 10:08:13 | Carole Wood | Meeting Added | 28/06/2016 10:00AM |
| 22/06/2016 10:32:38 | Sarah Stride | General Details Edited | |
| 22/06/2016 11:02:47 | David Smith | General Details Edited | |
| 22/06/2016 11:03:32 | David Smith | Committee Added | Joint Cabinet Member and Chief Officer |
| 22/06/2016 11:03:42 | David Smith | Meeting Deleted | 28/06/2016 10:00AM |
Approval/Comments
No history found.