Decision details

Cabinet considered a report on the formation of a Cheshire and Warrington LEP Urban Development Fund.

RESOLVED

That Cabinet

1.    approves the creation of a Special Purpose Vehicle (SPV) to act as General Partner for the proposed Urban Development Fund;

2.    delegates authority to the Executive Director Place in consultation with the Section 151 Officer and Monitoring Officer to approve a Limited Partnership agreement between the Council and the General Partner and a Management Agreement between the General Partner and the Fund Manager and any ancillary legal agreements required to ensure the Urban Development Fund is correctly constituted;

3.    delegates authority to the Executive Director - Place in consultation with the Section 151 Officer and Monitoring Officer to approve the creation of a Board of Directors of the Urban Development Fund SPV, made up of representatives as deemed appropriate;

4.    delegates authority to the Board of the Urban Development Fund SPV to act as the Investment Committee and approve investments, drawdowns and all matters relating to the Fund, and all steps necessary to comply with the Funding Agreement entered into with MHCLG;

5.    approves entering into a Service Level Agreement with the LEP as the Council’s delivery partner under the terms of the Funding Agreement, with regard to procurement of the Fund Manager and the management and operation of the Fund, to ensure appropriate input and oversight from the Council;

6.    approves undertaking the procurement of a Fund Manager;

7.    authorises the Executive Director Place in consultation with the Portfolio Holder for Finance, IT and Communication to approve the award of the contract to the Fund Manager; and

8.    authorises the Executive Director Corporate Services to take all necessary actions to implement these proposals.