Issue - meetings

Elliw Hughes to present the report.

DECISION

1.    To approve the Outline Business Case (OBC) for Project Prince subject to Welsh Government and UK Government approval of the assurance process undertaken, and Knauf Insulation Limited addressing the matters set out in the report, as described in Section 7, and request that a Full Business Case is prepared for the Sub-committee to consider.

2.    To authorise the Portfolio Director in consultation with the Chair, Vice Chair, Section 151 Officer and Monitoring Officer to agree draft terms in accordance with this report as a basis for the final funding arrangements for the project to be entered into subject to Full Business Case approval.

3.    That the approval from the Sub-Committee is valid for a period of twelve months and should the project not proceed to an approved FBC during this time, it will be required to return and re-present the business case to the Sub-committee for approval. 

4.    To note the intention to split the funding between the Growth Deal and Investment Zone (once approved) and that this position will be confirmed at Full Business Case stage.

The report was presented by Elliw Hughes, Growth Deal Programme Manager.

RESOLVED

1.     To approve the Outline Business Case (OBC) for Project Prince subject to Welsh Government and UK Government approval of the assurance process undertaken, and Knauf Insulation Limited addressing the matters set out in the report, as described in Section 7, and request that a Full Business Case is prepared for the Sub-committee to consider.

2.     To authorise the Portfolio Director in consultation with the Chair, Vice-chair, Section 151 Officer and Monitoring Officer to agree draft terms in accordance with this report as a basis for the final funding arrangements for the project to be entered into subject to Full Business Case approval.

3.     That the approval from the Sub-committee is valid for a period of twelve months and should the project not proceed to an approved FBC during this time, it will be required to return and re-present the business case to the Sub-committee for approval. 

4.     To note the intention to split the funding between the Growth Deal and Investment Zone (once approved) and that this position will be confirmed at Full Business Case stage.

REASONS FOR THE DECISION

1.     To seek the Sub-committee’s approval of the Outline Business Case for Project Prince by Knauf Insulation Limited. 

2.     A decision to approve the Outline Business Case by the Economic Well-being Sub-committee would enable Knauf to progress to the next stage of their internal approvals.

DISCUSSION

The Report was discussed.