Black Country Land & Property Investment Fund

Transcription

1 Black Country Land & Property Investment Fund

2 Sarah Middleton Chief Executive Black Country Consortium Ltd

3 Tom Westley Board Member Black Country LEP

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7 Priority Development Propositions Establishing a High Value Manufacturing (HVM) Capital City Delivering Black Country Garden City Strategic Population Centres

8 Priority Development Propositions Establishing a High Value Manufacturing (HVM) Capital City Industrial and Commercial sites Clearing and preparing sites for commercial and industrial development

9 Priority Development Propositions Delivering Black Country Garden City Clearing and preparing sites for residential development Off-site infrastructure to support residential development Off-site environmental enhancements to speed up the delivery of large scale housing sites Conversion of abandoned buildings to support new residential development Local Authority led brownfield land delivery programmes

10 Priority Development Propositions Strategic Population Centre Investing in new commercial office stock Secondary Actions (Refurbished Office Stock) Population Centres Development Learning Institutions Commercial Property Investment in Leisure and Cultural Institutions

11 Paul Lakin Wolverhampton City Council Accountable Body to Black Country Land & Property Investment Fund

12 Accountable Body Role Definition City of Wolverhampton Council has the role of ensuring that the Land & Property Investment Fund is operated professionally and in line with good practice in managing public money The Council as accountable body will perform the role of issuing contracts to successful project applicants, making payments and formally closing projects on completion

13 Roles and Responsibilities The LEP sets the strategic objectives (expressed through the commissioning framework) Thomas Lister undertake an economic and financial appraisal on projects City of Wolverhampton issue a performance contract and make payments to projects

14 How will we perform the role? Ensure the appraisal has been carried out to an agreed standard Check applicant is a fit body to contract with Establish that match-funding is all in place Ensure a detailed cost schedule for the project has been agreed and include this in the performance contract Issue a performance contract to the applicant Once signed, receive claims from the project applicants and use QS service to certify claims prior to payment Perform project monitoring visits Ensure that an effective evaluation approach is in place

15 Key Issues for the Accountable Body Before Contracting: Thomas Lister confirm project approval Procurement regulations State Aid Identify to whom a contract is issued Clawback Acts of default

16 Key Issues for the Accountable Body After Contracting: Applicant submits claims (always made in arrears) Will pay out at a qualifying rate Will disallow expenditure not included in agreed specification Will undertake site monitoring visits Will issue a completion report

17 Chris Thomas Director Thomas Lister

18 Role of the Appraiser Support the interested parties in preparation of funding applications To assess information contained within applications To assess value for money Make recommendations to the LEP Board and Accountable Body

19 Support the interested parties in preparation of funding applications i. To work with interested parties to understand the appraisal process, completion of forms and timescales ii. iii. Two stage process outline and full business case applications Complete Outline Assessment in 2 weeks Complete Full Business Case Assessment in 4 weeks To provide guidance on issues; Suitability of projects for funding The most appropriate funding route gap funding, site remediation or deminimis funding Addressing the specific questions on process, completion of forms and structure OUR ROLE IS TO WORK WITH APPLICANTS TO BRING FORWARD PROJECTS TO INVEST THE FUND

20 To assess information contained within applications Review of key project information including; a) Project value b) Project costs Input land values Construction costs Remediation and infrastructure costs Profit Finance costs c) Deliverability How realistic is the identified programme given the current status of the scheme d) Programme e) Is the funding request State Aid compliant?

21 To assess Value for Money To consider the completion of proposed schemes against outputs; Site remediation Commercial floor space New jobs generated Private sector leverage New housing Learner outcomes/apprenticeships Where appropriate to agree our recommendations with the applicant To ensure the applicants understand our recommendations and the basis of these To agree a Heads of Terms to provide basis of recommendation to the LEP Board

22 Make recommendations to the LEP Board and Accountable Body Whether to approve an identified level of investment Key conditions associated with new investment: Timescales for addressing conditions How grant funding is to be payable Project monitoring provisions Clawback provisions where appropriate To work with PMO and CWC in the instruction of the Accountable Body to prepare contract documentation

23 Sarah Middleton Chief Executive Black Country Consortium Ltd

24 Questions and Answers

25 Black Country Local Enterprise Partnership BlackCountryLEP