Decision Details

  • General
  • Reports
  • Decision History

This section allows you to view the general details of a Decision

Details

Status:
Implemented
Title:
City Centre Enterprise Zone Extension and Curzon Investment Plan
Reference:
001414/2016
Urgent Decision - Not in Forward Plan
No
Details for Agenda Sheet

Report of Strategic Director of Economy.

(Pending an announcement from Theresa May, Prime Minister.)

Implementation Date (not before meeting on)
Tue 20 Sep 2016
Purpose
To seek Cabinet approval to the EZ Curzon Investment Plan and Curzon Business Plan. To inform Cabinet of the allocation of Enterprise Zone resources and to set out the role and functions of the Accountable Body for the Enterprise Zone. To note the updated EZ financial strategy / principles.
Key Portfolio
OLD - Jobs and Skills
Include item on Forward Plan/ Key Decision
Yes
Decision Maker
Cabinet
Reason For Key Decision
Above £1m Capital and £500,000 revenue
Relevant Documents
Decision Type:
Committee
Decision Maker:
Cabinet
Directorate
Other Information
Enterprise Zone Investment Plan 2014 Enterprise Zone Curzon Master Plan 2014 Midlands GBSLEP HS2 Growth Strategy
Private Reason
Decision Outcome
On 20 September 2016, Cabinet:- (i) Approved that the City Council’s role as Accountable Body for the Enterprise Zone (EZ) be extended to include the Curzon Investment Plan and an extended timeline from 2037/38 to 2045/46; and acting in its role as accountable body for the GBSLEP: (ii) approved the content of the Curzon Investment Plan, attached in report Appendix 1, which sets out the framework for investment priorities and programme for the period 2016/17 to 2045/46, with a total indicative funding package of £724m. This includes EZ funded capital and revenue investment of £556.8m supported through the Greater Birmingham and Solihull Local Enterprise Partnership (LEP); (iii) Noted that, subject to approval to the recommendations in the report, the total EZ funding is now £1,015.1m (report Appendix 3); (iv) Approved the content of the EZ Governance Structure and Financial Strategy, as set out in report Appendix 4; (v) Approved a programme of further prudential borrowing to meet the additional EZ capital investment of £668.6m, which includes City Council sponsored projects that are contained in the Curzon Investment Plan (£485.3m), and the £183.3m contribution to Metro, subject to the approval of individual Business Cases and subject to regular review and updates to the Enterprise Zone Investment Plan; (vi) noted an overall budget totalling £71.5m for new revenue investment, Accountable Body and programme delivery costs contained in the Curzon Investment Plan. These costs will be wholly funded by the uplift in EZ business rates; (vii) noted the ring fencing of £183.3m of EZ resources by the Greater Birmingham and Solihull Local Enterprise Partnership (LEP) to the delivery of the Midland Metro from Birmingham City Centre to the HS2 Interchange, which will be directly funded through the uplift in business rates generated by the EZ, subject to Project Definition Documents and Full Business Cases and availability match funding; (viii) noted that future business rates revaluations may reduce EZ income and affect the ability to approve business cases. A positive dialogue is in progress with Government officials which seeks to address the issue; (ix) subject to satisfactory resolution of the business rate revaluation issue in decision (viii), authorised the City Council to enter into the Memorandum of Understanding (MOU) attached in report Appendix 5, which sets out the terms and conditions, between the LEP, DCLG and the City Council, for the extension to the EZ; (x) authorised the City Solicitor to negotiate, execute, seal and complete all necessary agreements and documentation to give effect to the above; (xi) approved the recruitment of posts for the Curzon Delivery Team, as set out in the Curzon Investment Plan. The posts will be fixed-term for 4 years from 2016/17 to 2020/21 funded through the EZ; (xii) noted the extension of the EZ area from 69.8 to 113.5 ha and the extended time period for the retention of the uplift in business rates income from 31 March 2038 to 31 March 2046. THE DEADLINE FOR CALL IN IS 1600 HOURS ON MONDAY, 26 SEPTEMBER 2016.
Rating:
1 Diamond
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
Further Information:
Decision Options:

Additional Information

Reg 10
Reg 11

Decision Criteria

This Decision does not contain any decision criteria records.

Wards

(OLD) Ladywood; (OLD) Nechells

Topics

This Decision does not contain any Topic records

Overview and Scrutiny

Economy, Skills and Sustainability Overview and Scrutiny Committee May 15 - May 16

This section displays the history of the Decision.

Decision History

Date & Time CreatedUser Full NameStatus DescriptionDetails
 Page 1 of 5, items 1 to 10 of 45.
25/01/2016 12:29:35Janet HinksBusiness Item Created 
25/01/2016 12:29:35Janet HinksCommittee AddedCabinet
25/01/2016 12:29:35Janet HinksMeeting Added22/03/2016 10:00AM
25/01/2016 12:29:35Janet HinksOS Committee AddedEconomy, Skills and Sustainability Overview and Scrutiny Committee
25/01/2016 12:29:40Janet HinksWorkflow AssignedWorkflow ID A53070E5-58BB-4C4C-AB02-089EBAF5E808
25/01/2016 12:30:00 Status ChangedDecision Scheduled [1]
25/01/2016 12:31:49Janet HinksContacts Edited 
25/01/2016 12:36:59Janet HinksConsultation/Comments Edited 
25/01/2016 12:36:59Janet HinksContacts Edited 
25/01/2016 12:37:42Janet HinksWard AddedLadywood

Approval/Comments

Workflow ActionUserRequested DateResponse Due DateResponded DateResponseResponse Comment
Approve Janet Hinks Mon 25 Jan 2016 - 12:29 Fri 31 Dec 9999 Mon 25 Jan 2016 - 12:29 Accepted