On 25 April 2023, Cabinet:-
(i) Noted the Full Business Case for the
derelict former Typhoo Building (attached at Appendix 1 to the report) at a
total cost of £69.3m, approved by the Greater Birmingham and Solihull Local
Enterprise Partnership (GBSLEP) Board on 23 March 2023;
(ii) In its role as Accountable Body for the
Enterprise Zone (EZ), approved Prudential Borrowing of £14.729m to fund the
provision of grants to SDL (£14.3m) and the Council (£0.429m) to facilitate the
delivery of the former Typhoo Building redevelopment;
(iii) Approved EZ capital grant funding of up to
£0.429m to fund City Council project related costs;
(iv) Approved EZ grant of up to £14.300m to be
awarded to SDL to provide funding for the project viability gap for the
redevelopment of the Typhoo Factory as identified in the Full Business Case
(FBC) subject to subsidy control compliance, restriction on title, planning
consent and application of the Council’s Social Value and Living Wage Policies;
(v) Authorised the City Solicitor &
Monitoring Officer to negotiate, execute, seal and complete all necessary
documents in connection with the above recommendations.
THE
DEADLINE FOR CALL IN IS 1600 HOURS ON TUESDAY 2 MAY 2023.