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Decision details
West Midlands Growth Company
Decision Maker: Cabinet (Resources) Panel
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
To seek approval to:
· Become a shareholder of the West Midlands Combined Authority (WMCA) Growth Company through the WMCA
· Become an investor in the West Midlands Growth Company
· Procure support and services from the WMCA Growth Company
· The related arrangements relating to existing City of Wolverhampton Council employees and budgets
Decisions:
Cllr John Reynolds presented the report on proposals for the Council’s involvement in the West Midlands Growth Company. The Growth Company would play an important role in facilitating the delivery of the West Midlands Combined Authority Strategic Economic Plan. It would also attract more investment, jobs, businesses and visitors to the West Midlands region.
Resolved:
- That City of Wolverhampton Council be an ‘A’ Member of the West Midlands Growth Company which is scheduled to go live on 1 May 2017.
- That the Leader of the Council be the representative of the City of Wolverhampton Council as an ‘A’ Member of the West Midlands Growth Company.
- That the proposed budget allocation of £275,000 in year one, and £300,000 in years two and three with an annual performance review, to the West Midlands Growth Company be approved.
- That authority be delegated to the Cabinet Member for City Economy, in consultation with the Strategic Director, Place, to agree the details of the Service Level Agreement between the City of Wolverhampton Council and the West Midlands Growth Company.
5. That it be noted that West Midlands Combined Authority Board on 3 March 2017 approved the creation of the West Midlands Growth Company with a scheduled ‘go live’ date of 1 May 2017.
Report author: Tim Johnson
Publication date: 29/03/2017
Date of decision: 28/03/2017
Decided at meeting: 28/03/2017 - Cabinet (Resources) Panel