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Details

Status:
Implemented
Title:
Enterprise Zone Grant Funding to Birmingham City Council for Paradise Working Capital Fund
Include item on Forward Plan/ Key Decision
Yes
Item Contains Exempt/Private Reports
No
Reference:
012768/2024
Urgent Decision - Not in Forward Plan
No
Details for Agenda Sheet
Report of the Strategic Director for Place, Prosperity and Sustainability.
Implementation Date (not before meeting on)
Tue 10 Sep 2024
Purpose
To ask that Cabinet agrees to allow BCC to apply to the Enterprise Zone for £1,500,000 of Grant Funding to fund a 50% Equity Funding contribution to the PCLP JVA Partnership to be matched by the Private Sector Partner (Hermes) and to delegate the acceptance of the funding to the BCC Paradise Project Head/Lead.
Key Portfolio
Deputy Leader and Economy & Skills
Decision Maker
Chief Officer Decision Maker
------ N/A ------
Reason For Key Decision

Value:                                   £1,500,000

Relevant Documents
Decision Type:
Committee
Decision Maker:
Cabinet
Directorate
Other Information
Private Reason
Decision Outcome

On 10 September 2024, Cabinet:-

(i)              Approved the Council’s application for a £1.0m Funding Grant from the Enterprise Zone to contribute funding into Paradise Circus Limited Partnership (PCLP) as its share (50/50 contribution) of a total £2.0m injection for the PCLP Working Capital Fund;

(ii)             In its capacity as Accountable Body for the Enterprise Zone, approved the awarding of a £1.0m Enterprise Zone Funding Grant to the Council;

(iii)           Delegated authority to the Strategic Director of Place, Prosperity and Sustainability to take such actions as are necessary to:

(a)       Ensure that the application, receiving and payment of the £1.0m funds by the Council to PCLP are appropriately carried out in line with Council procedures; and

(b)       Renegotiate and agree a new financial/commercial structure of PCLP with Britel Fund Trustees Limited prior to 31 July 2025;

(iv)           Authorised the City Solicitor to negotiate, execute, seal, and complete all necessary agreements and documentation to give effect to the above recommendations.

THE DEADLINE FOR CALL IN IS 1600 HOURS ON MONDAY 16 SEPTEMBER 2024.
Is Decision County Wide:
No
Would the recommended decision be contrary to the budget and policy framework:
No
Decision Options:

Additional Information

Reg 10
Reg 11

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

This Decision does not contain any Overview and Scrutiny records.

This section displays the history of the Decision.

Decision History

Date & Time CreatedUser Full NameStatus DescriptionDetails
12
 Page 1 of 2, items 1 to 10 of 20.
08/04/2024 15:06:19Errol WilsonBusiness Item Created 
08/04/2024 15:06:19Errol WilsonCommittee AddedCabinet
08/04/2024 15:06:32Errol WilsonStatus ChangedDecision Scheduled [1]
08/04/2024 15:07:10Errol WilsonMeeting Added14/05/2024 10:00AM
08/04/2024 15:08:53Errol WilsonContacts Edited 
29/07/2024 11:30:48Errol WilsonGeneral Details Edited 
29/07/2024 11:31:02Errol WilsonMeeting Deleted14/05/2024 10:00AM
29/07/2024 11:31:10Errol WilsonMeeting Added23/07/2024 10:00AM
29/07/2024 11:31:17Errol WilsonMeeting Deleted23/07/2024 10:00AM
29/07/2024 11:31:23Errol WilsonMeeting Added03/09/2024 10:00AM

Approval/Comments

No history found.