Agenda, decisions and minutes

There were no apologies for absence.

To provide an opportunity for Members and Officers to declare any disclosable pecuniary and non-pecuniary interests in any item on the agenda.

There were no declarations of interest.

In accordance with Procedure Rules Nos.11 and 35 a period of 10 minutes is allocated for members of the public to address the meeting on any matter relating to the work of the body in question.  Individual members of the public may speak for up to 5 minutes but the Chairman or person presiding will decide how the period of time allocated for public speaking will be apportioned where there are a number of speakers. Members of the public are not required to give notice to use this facility. However, as a matter of courtesy, a period of 24 hours’ notice is encouraged.

Members of the public wishing to ask a question at the meeting should provide at least three clear working days’ notice in writing and should include the question with that notice. This will enable an informed answer to be given.

No members of the public were present.

To approve updates to the proposed Greater Manchester and Cheshire Life Science Investment Fund.

1.    That the update on progress from the Cabinet decision of the 16^th September 2014 relating to the Council’s investment in the Alderley Park Investment Fund be noted.

2.    That approval be given to the following updates to the proposed Greater Manchester and Cheshire Life Science Investment Fund:

·         the proposed ring fencing of funds across the geographical fund area as set out in the report, and inclusion in the Investment and Operating Guidelines (IOGs).

·         the Council’s contribution to be “pooled” with those of other investors and invested in companies across the target area, as part of the Limited Partnership Structure.

·         the proposed enlargement of the stages of company to be invested in, as set out in the report, and for inclusion in the IOGs.

It was reported that on 16 September 2014 Cabinet approved a £5m investment by the Council into the proposed Alderley Park Life Science Investment Fund, alongside match investments from AstraZeneca and Manchester Science Partnerships (MSP). The Cabinet decision delegated authority to the Portfolio Holder for Finance to take all necessary actions to set up the Fund and undertake the proposed Council investment in the Fund.

Following that decision an opportunity had arisen for the Cheshire and Warrington LEP and Greater Manchester LEP to submit a joint bid to Government for an allocation of Local Growth Funding. An in-principle award totalling £20m was confirmed subject to the completion of detailed business case for the Fund. The successful bid to Government allows the size of the Fund to be increased significantly to potentially over £40m, with a subsequent increase in benefits to the sub-region in terms of both job creation and business growth.

In collaboration with partners the Council was currently developing the detailed documentation for the proposed Fund in order to undertake a procurement to appoint a fund manager ready for a Fund launch in late spring 2015. As a result of the increased funding a number of opportunities needed to be considered such as ring fencing the geographical area, the stage at which companies should be invested in and the implications to the recommended structure for the fund being an English Limited Partner Structure; all of which were explored in full in the report.

RESOLVED

1.    That the update on progress from the Cabinet decision of the 16^th September 2014 relating to the Council’s investment in the Alderley Park Investment Fund be noted.

2.    That approval be given to the following updates to the proposed Greater Manchester and Cheshire Life Science Investment Fund:

·         the proposed ring fencing of funds across the geographical fund area as set out in the report, and inclusion in the Investment and Operating Guidelines (IOGs).

·         the Council’s contribution to be “pooled” with those of other investors and invested in companies across the target area, as part of the Limited Partnership Structure.

·         the proposed enlargement of the stages of company to be invested in, as set out in the report, and for inclusion in the IOGs.