Issue - meetings

This report seeks Cabinet approval to enter into a limited partnership with partner local authorities to establish a Leeds City Region Revolving Investment Fund, and give authority to invest £1.632m, as the City of York Council agreed contribution to the setup of the Fund.

RESOLVED:       That Cabinet agree to:

(i)           Give authority to invest the £1.632m in the Revolving Investment Fund, funding from the Economic Infrastructure Fund.

(ii)          Delegate authority to the Director of Customer and Business Support Services to take necessary actions required around the legal arrangements to allow Phase 1 to be launched.

REASON:           To support the Council Plan priorities of creating jobs, growing the economy and investing in the city’s economic future.

Consideration was given to a report which sought approval to enter into a limited partnership with partner local authorities to establish a Leeds City Region Revolving Fund (RIF) and give authority to invest £1.632m, as the Council’s agreed contribution to the set up of the Fund.

The Leeds City Region (LCR) was working to deliver a single Investment Strategy and Investment Plan to support the generation of economic growth within LCR. With the framework acting as a ‘single door’ for projects applying for funding and the long term objective to grow the fund through a mixture of public and private investment. A two stage implementation plan had bee developed, Phase 1 with initially £10 for July 2013 ad Phase 2 targeted for later in the year. The capital contributions to be made by each of the founder member authorities were set out at paragraph 5.

The Heads of Terms in relation to participation in the LCR Fund were attached to the report at Annex A which set out the principal terms upon which the limited partnership would be established. Information on the operation of the fund were reported at paragraphs 13 to 21 of the report however delegated authority would be required to enter into the agreement prior to the Phase 1 launch.

The Leader referred to the mutual benefit to the city, the economy and the sub region which would be gained from the Council’s involvement in the RIF.

Following further discussion it was

RESOLVED:       That Cabinet agree to:

(i)           Give authority to invest the £1.632m in the Revolving Investment Fund, funding from the Economic Infrastructure Fund. ^1.

(ii)          Delegate authority to the Director of Customer and Business Support Services to take necessary actions required around the legal arrangements to allow Phase 1 to be launched. ^2.

REASON:           To support the Council Plan priorities of creating jobs, growing the economy and investing in the city’s economic future.