On 18 March
2025 Cabinet:-
(i)
Noted the Outline Business Case for the
Regeneration of Kingshurst Village Centre Phase Two (attached at Appendix 1 to
report) approved by the Enterprise Zone Partnership Board on 11 December 2024;
(ii)
In its role as Accountable Body for the
Enterprise Zone (EZ), approved the use of surplus Enterprise Zone funding of
£0.799m to Solihull Metropolitan Borough Council (SMBC) towards the development
of a Full Business Case for the Regeneration of Kingshurst Village Centre Phase
Two. The cost of this grant to SMBC will be met by the uplift in business rates
income generated within the EZ to 2025/26;
(iii)
Approved a further £1.626m of EZ Funding to fund
the provision of grant to SMBC and £0.075m to Birmingham City Council to
facilitate the delivery of the Regeneration of Kingshurst Village Centre Phase
Two, subject to approval of a satisfactory Full Business Case and subsidy
control compliance;
(iv)
Noted that the funding of this project does not
affect the affordability of the annual assumption to transfer £3m per annum to
the Council’s General Fund from EZ in year surpluses;
(v)
Delegated authority to the Executive Director of
Place, Prosperity and Sustainability to take such actions as are necessary to:
(v-i) Award the EZ Funding to SMBC from
the Enterprise Zone (EZ) Fund to deliver the project as outlined in the report
and enter into a funding agreement, subject to approval of the Full Business
Case by the EZ Partnership Board and SMBC;
(vi)
Authorised the Interim City Solicitor &
Monitoring Officer to negotiate, execute, seal and complete all necessary
documents in connection with the above decisions.
THE DEADLINE FOR CALL IN IS 1600 HOURS ON MONDAY 24 MARCH 2025.