Decision Details

To seek approval for the designation of West Midlands Investment Zone sites in Birmingham, the associated governance proposals and proposed next steps

On 19 March 2024, Cabinet:-

1. Noted the proposals for the establishment of a West Midlands Investment Zone (WMIZ) and Growth Zones (GZ);

    

2. Endorsed the designation by Government of land within Birmingham for:

    

   • Investment Zone Tax Incentives.
   • Investment Zone Business Rate Retention.
   • Growth Zone Business Rate Retention;

    

3. Ratified the governance arrangements for the WMIZ, including the role of the Investment Zone Joint Committee or any successor IZ Board, as set out in paragraphs 3.25 - 3.33 and Appendix 3, to the report;

    

4. Approved the proposal for Business Rate Retention as set out in paragraphs 7.3.6 - 7.3.11, to the report;

    

5. Noted that a Delivery Plan will be prepared which will set out a programme of infrastructure investment for the WMIZ;

    

6. Noted that proposals for the governance and financial and project management arrangements for the Growth Zone will be brought as a future report to Cabinet;

    

7. Delegated further decision making regarding the establishment and project management of the WMIZ to the Strategic Director of Place, Prosperity and Sustainability in consultation with the Interim Director of Finance (Section 151) that would otherwise not be taken by the Investment Zone Joint Committee, or for any financial undertaking, by Birmingham City Council Cabinet;

    

8. Delegated to the Interim Finance Director, in consultation with the Leader and Deputy Leader, subject to the concurrence of Commissioners authority to confirm the final financial structure of the IZ with WMCA noting that BCC has set out its position in para 7.3.10, to the report;

    

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

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