On 6 September 2022, Cabinet:-
(i) Approved the Enterprise Zone Investment Strategy set out in the Enterprise Zone Investment Plan 2022 update Appendix 1 to the report;
(ii) Approved, subject to individual business cases being accepted for funding, an increase to the total lifetime EZ revenue funding requirement to cover the City Council’s prudential borrowing and other costs of £0.140bn to £1.439 bn, noting this includes the prioritised project pipeline as outlined in Appendix 1.
(iii) Noted that further reviews by the GBSLEP and Council, of the EZIP and prioritised pipeline will take place at least once a year;
(iv) Noted that business cases for projects will come forward for approval for EZ funding by GBSLEP and Birmingham City Council where it is the budget sponsor, subject to their affordability and alignment with the strategy for the EZ and meeting the requirements of the HM Treasury’s Green Book guidance, which is in line with the Council’s process for developing Capital projects;
(v) Noted the updated Financial Principles as set out in Appendix 4 of the report, and delegated authority to the Director of Council Management (or their Delegate) to continue to regularly review the Enterprise Zone borrowing requirement in order to optimise the Revenue position and cost of borrowing for ongoing EZ Capital investment.
(vi) Noted the updated Memorandum of Understanding (MoU) between the Greater Birmingham and Solihull Local Enterprise Partnership’s (GBSLEP) and Birmingham City Council (Appendix 3), awaiting final sign-off by GBSLEP;
(vii) Authorised the City Solicitor to prepare, negotiate, execute and complete all relevant legal documentation to give effect to the above recommendations.
THE DEADLINE FOR CALL IN IS 1600 HOURS ON FRIDAY 9 SEPTEMBER 2022.