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.