Decision details

Consideration was given to the establishment of the North-West Evergreen Fund by Local Authorities in the Greater Manchester, Lancashire, Cheshire and Cumbria sub-regions. 

The aim of the fund was to secure long-term access to finance to support economic growth across the North West.  The partnership between the public and private sectors would balance a commercial approach with the need to invest in local areas to release the economic value in the longer term; it would also provide an opportunity for Cheshire East Council to become a Limited partner in a new venture that would provide access to much needed finance in an environment where public resources are severely limited.

RESOLVED

1. That approval be given to the proposal to establish the North West Evergreen Fund to act as the area’s UDF in accordance with its Investment Strategy

2. That approval be given for Cheshire East Council becoming a Limited Partner in the North West Evergreen Fund Limited Partnership.

3. That the Chief Executive, in consultation with the Leader of the Council, be authorized to nominate from time to time, a person to act as the Council’s partner representative at the Annual Partnership Meeting.

4. That approval be given to Cheshire East Council in becoming a Shareholder in the General Partner.

5. That approval be given to Cheshire East Council’s annual contribution towards the operating costs of the fund.

6. That the Chief Executive and the Borough Treasurer be authorized to negotiate and approve the final terms of the agreements necessary to implement the proposals and that the Borough Solicitor be authorised to arrange for the execution of the final agreements on behalf of Cheshire East Council.

7. That approval be given to a Supplementary Revenue Estimate for £51K during 2010/11.  This will be funded over the ‘Invest to Save’ reserve.  Thereafter, the revenue costs of £25k per year will be funded from within the Places budget.