Issue - meetings

Alwen Williams, Portfolio Director and Hedd Vaughan Evans, Head of Operations to present the report (which has been circulated to Board Members only).

1.     Support the recommendation for the following projects to receive an invitation to join the Growth Deal's portfolio, subject to the project sponsor’s agreement to the conditions noted in Attachment A to the report:

·           Responsible Adventure project by Zip World - conditional allocation of £6.2m

·           Kinmel Studios project by Stage Fifty - conditional allocation of £6.8m

·           Holyhead Hydrogen Hub project by Menter Môn - conditional allocation of £3.8m

·           Deeside Waste to Fuel Plant project by The Circular Economy Ltd - conditional allocation of £6.4m

·           Wrexham Gateway project by Wrexham County Borough Council - conditional allocation of £4.79m.

2.         To delegate the authority to the Portfolio Director and the Monitoring Officer to confirm the terms with the project sponsor and commit to the Memorandum of Understanding (MOU) with every project sponsor confirming the requirements and the expectations relating to the Growth Deal's Finance.

3.         To note that inviting a project to join the Growth Deal is not a decision to invest in the project.  In accordance with the usual process to get access to finance, it will be required for all projects to produce a business case to be considered by the Board.

4.         To allocate an additional £350,000 of the Growth Deal’s finance to support the Portfolio Management Office, by increasing the general contribution of the Growth Deal from 2% to 2.15%.

5.         To note the recommendations of the initial reserve list as noted in Attachment D to the report and make a request to the Portfolio Director to submit a paper confirming the recommendations in a future meeting.

The report was submitted by Hedd Vaughan-Evans (Head of Operations).

RESOLVED

1.       To support the recommendation for the following projects to receive an invitation to join the Growth Deal's portfolio, subject to the project financier's agreement to the conditions noted in Attachment A to the report:

·               Responsible Adventure Project by Zip World – conditional allocation of £6.2m

·               Kinmel Studio Project by Stage Fifty – conditional allocation of £6.8m

·               Holyhead Hydrogen Hub Project by Menter Môn – conditional allocation of £3.8m

·               Deeside Waste to Fuel Project by The Circular Economy Ltd – conditional allocation of £6.4m

·               Wrexham Port Project by Wrexham County Borough Council – conditional allocation of £4.79m.

2.       To delegate the authority to the Portfolio Director and the Monitoring Officer to confirm the terms with the project sponsor and commit to the Memorandum of Understanding (MOU) with each project sponsor confirming the requirements and the expectations relating to the Growth Deal's Finance.

3.       To note that inviting a project to join the Growth Deal is not a decision to invest in the project.  In accordance with the usual process to access funding, it will be required for all projects to produce a business case to be considered by the Board.

4.       To allocate an additional £350,000 of the Growth Deal’s funding to support the Portfolio Management Office, by increasing the general contribution of the Growth Deal from 2% to 2.15%.

5.       To note the recommendations of the initial reserve list as noted in Attachment D to the report and make a request to the Portfolio Director to submit a paper confirming the recommendations in a future meeting.

REASONS FOR THE DECISION

A decision needs to made following completion of the new projects process.

DISCUSSION

The report was discussed.