Black Country Land & Property Investment Fund Sarah Middleton - - PowerPoint PPT Presentation

Black Country Land & Property Investment Fund

Sarah Middleton

Chief Executive Black Country Consortium Ltd

Tom Westley

Board Member Black Country LEP

Priority Development Propositions

• Establishing a High Value Manufacturing (HVM) Capital

City

• Delivering Black Country Garden City
• Strategic Population Centres

Priority Development Propositions

• Establishing a High Value Manufacturing (HVM) Capital

City – Industrial and Commercial sites – Clearing and preparing sites for commercial and industrial development

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

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

Paul Lakin

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

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

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

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

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

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

Chris Thomas

Director Thomas Lister

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

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. Two stage process – outline and full business case applications

• Complete Outline Assessment in 2 weeks
• Complete Full Business Case Assessment in 4 weeks

iii. 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

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?

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

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

Sarah Middleton

Chief Executive Black Country Consortium Ltd

Questions and Answers

paul_mellon@blackcountryconsortium.co.uk

www.blackcountrylep.co.uk @blackcountrylep Black Country Local Enterprise Partnership BlackCountryLEP