Council is recommended to:
1. Agree to be a 50:50 investment partner for i54 Western Extension to be funded through the funding strategy and driving principles as set out in the report.
2. Approve a phased budget approach working on the principles of working with the partners to secure and maximise grant funding and contributions, use of capital receipts generated from the site and any with borrowing being repaid from future business rates generated from the site.
3. Approve the use of the capital receipts generated from the site to form part of the funding package.
4. Delegate authority to the Cabinet Member for City Economy and Cabinet Member for Resources, in consultation with the Director of Regeneration and Director of Finance, to:
a. Approve supplementary capital budgets for Phase 1, 2 and 3 on the basis that budgets are fully funded through external funding, existing borrowing approvals and contributions from Staffordshire County Council.
b. Approve Phase 1, 2 and 3 capital budgets to cover the potential transfer of Staffordshire County Council’s 50% share of grants and contributions in accordance with the funding strategy set out in this report.
1. That the emerging proposals to bring forward the 100-acre extension to i54 Western Extension in partnership with Staffordshire County Council be endorsed.
2. That the continuation of the design, management and delivery project for the City’s 60 acres known as i54 Western Extension (South) including an Access Road, Services Infrastructure and Platform Preparation works be approved.
3. That Staffordshire County Council acting as the lead authority and commissioning body for the detailed design and construction of the proposed site access road be approved.
4. That authority be delegated to the Cabinet Member for City Economy and Cabinet Member for Resources, in consultation with the Director of Regeneration and Director of Finance, to;
a. Approve the Council entering into a Joint Venture Agreement with Staffordshire County Council for the management, funding and delivery of the Access Road, Services Infrastructure, Platform Preparation and all associated marketing, promotion and disposal for employment use.
b. Approve the Council entering into a Collaboration Agreement for Business Rate Retention and Distribution Agreement with South Staffordshire Council, Staffordshire County Council in relation to the retention and distribution of business rates from i54 western extension.
c. Approve the Council entering into an agreement with Midlands Land Portfolio Limited to surrender their ‘Option Agreement’ on the completion of the Access Road and release restrictive covenants over land owned by the Council.
d. Make further appointments of consultants and contractors as appropriate to develop the works design and undertake the necessary procurement of the works.
e. Approve the Council entering into a Grant Funding Agreement with Black Country LEP for the Access Road funded through the Local Growth Fund – Transport Fund.
f. Approve the Council entering into a Grant Funding Agreement with Black Country LEP for the Platform Preparation Works funded through the Land Property Investment Fund.
g. Agree and implement a marketing, promotion and disposal strategy in alignment with Partners agreed desired outcomes.
h. Approve, in conjunction with Staffordshire County Council the appointment of contractor(s) as appropriate to deliver the physical works in accordance with the delivery strategy and approve the Council entering into any such contracts and agreements necessary for their appointment.
i. Approve the terms of any other ancillary agreements required for the Council to enter into including but not limited to Planning Agreements, Highways Agreements, Warranties and agreements necessary for the connecting the site with services and utilities.
j. Approve the Council entering into any agreements, transfer or leases relating to the disposal of the development to plot purchasers.
5. That the progress made in delivering the i54 project to date, the economic and social outputs realised to date and the Partners return on investment be noted.
6. That the progress made on i54 Western Extension including the planning application process, key outputs and delivery programme be noted.
7. That the status of the funding strategy, key delivery agreements and governance arrangements including, the Joint Venture Agreement and Business Rate Retention Agreement with Staffordshire County Council and South Staffordshire Council be noted.
8. That the current position of discussions with Midland Land Portfolio Limited, Severn Trent’s property vehicle and title holder of the adjoining 40 acres be noted.
9. That thee Delivery Strategy and Decision Gateway matrix which will provide a process for managing the instruction and expenditure of ongoing work be noted.
10. That it be noted that approval for capital budgets required for phase 4 and 5 will be sought in separate reports in accordance with the funding strategy and decision gateway strategy as set out in this report.