Decision Details

1. Acting in its capacity as Accountable Body to the GBSLEP, ratified the decision made by the GBSLEP Board at its meeting on 20 December 2019 to approve the award of up to £51,277,000 of Enterprise Zone (EZ) grant funding to Birmingham City Council for the delivery of Paradise project Phase 2;

    

2. Agreed to accept the award of up to £51,277,000 from the GBSLEP for the delivery of the Paradise scheme Phase 2 and approved the prudential borrowing of that sum as part of a larger EZ Investment Programme;

    

3. Noted and agreed to adhere to the GBSLEP conditions of funding set out in section 3 to the report;

    

4. Approved the expenditure of up to £51,277,000 for continued delivery of the Paradise project, and agreed to  delegate to the Corporate Director, Economy in conjunction with the Corporate Director, Finance and Governance authority to defray these sums in line with the Council’s and GBSLEP’s approved governance arrangements;

    

5. Agreed to delegate authority to the Corporate Director, Finance and Governance, to enter into new or revised contracts with the developer and Paradise Circus Limited Partnership (PCLP) to reflect the additional funding and all terms and conditions attached to it;

    

6. Authorised the City Solicitor to prepare, negotiate, execute and complete all relevant legal documentation to give effect to the above decisions;

    

7. Approved the co-commissioning of an independent audit into the Paradise project by the Council acting in its capacity as Accountable Body jointly with the GBSLEP;

    

8. Noted progress with the delivery of the Paradise Circus development;

    

9. Noted that the project’s revised Full Business Case (FBC) is predicated upon a further EZ funding request to the GBSLEP for delivery of Phase the report does not seek approval to Phase 3 expenditure, which will be the subject of a further Green Book compliant FBC to be submitted once the designs and costs are appropriately developed;

    

10. Noted that the FBC has been reviewed separately by the Department for Business, Energy and Industrial Strategy and that the revised agreement addresses their concerns.

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