GPF Round 3 Prioritisation GPF funding available for reallocation - - PowerPoint PPT Presentation

GPF Round 3 Prioritisation

GPF funding available for reallocation

GPF funding available for reallocation based on agreement repayment schedules, taking into account: identified repayment risks and a 15% margin to help mitigate risk to the availability of GPF funding should repayments not be made as scheduled

GPF Prioritisation Process

The GPF prioritisation and award process will take place in three stages. Stage 1 – Federated Area assessment, sifting and banding of projects by Strategic Fit - based on the Expression of Interest Stage 2 – Independent Technical Evaluation assessment and scheme prioritisation by SELEP Investment Panel – based on the Strategic Outline Business Case Stage 3 – SELEP Accountability Board funding decision

Stage 1 – Federated Area assessment, sifting and banding of projects

Banding of GPF projects by Federated Areas – based on Strategic Fit Projects in Bands A, B and C are eligible to progress to Stage 2. All other projects will not progress any further through the process.

Band Description A Considered as a very high priority for the respective Federated Area B Projects have been supported by the respective Federated Area C Projects have been supported by the respective Federated Area

• Very strong fit with SELEP and local economic growth objectives. Highest priority projects for the Federated Area
• Investment will have direct impact in creating new jobs and/or homes through enabling a specfic named

development, safeguarding jobs and/or will deliver skills benefits

• Presents an overwhelming case for investment
• Meets all the eligibility criteria and no showstopper issues or risks have been identified
• Strong fit with SELEP and local economic growth objectives
• Investment will have direct impact in creating new jobs and/or homes through enabling a specific named

development, safeguarding jobs and/or will deliver skills benefits

• Presents a compelling case for investment
• Meets all the eligibility criteria and no showstopper issues or risks have been identified
• Aligns with SELEP and local economic growth objectives
• Investment will have direct impact in creating new jobs and/or homes through enabling a specific named

development, safeguarding jobs and/or will deliver skills benefits

• Presents a compelling case for investment
• Meets all the eligibility critera and no showstopper issues or risks have been identified

Stage 1 – GPF eligibility criteria

All projects put forward for GPF investment must:

• Align with SELEP’s objective to support economic growth
• Require capital loan funding investment
• Be seeking between £250,000 and £3,500,000 of investment
• Identify benefits, which are expected to exceed the project costs
• Demonstrate an ability to deliver the project following the legal

requirements for investment of public funds

• Be able to demonstrate an ability to repay the GPF loan by 31st

March 2026

• Receive support from the respective Federated Board and the lead

County/Unitary Authority

Stage 2 – Scheme prioritisation across SELEP

ITE Assessment of Strategic Outline Business Cases

Section of Business Case Requirements Promoters should justify the total cost of the project including any assumptions made, the GPF required, the additional sources of funding and how secure they are Promoters should clearly set out the need for public sector intervention Contribution to the establishment of a revolving fund Promoters will need to provide evidence of how they intend to repay the loan, together with an anticipated timetable for repayment by 31st March 2026 Promoters will need to explain how quickly the project benefits will be realised once the investment has taken place Pace of benefit realisation Need for intervention Viability Deliverability Expected benefits Promoters should show the impact that the project is likely to have, the extent to which the stated projects benefits are dependent on the delivery of the GPF project and the scale of benefits Promoters should provide evidence of the planning status, any additional approvals required, the property ownership and any legal requirements that might delay the project

• r benefits realisation

All areas of the Business Case will be assessed using a Red-Amber-Green system

Stage 2 – Scheme prioritisation across SELEP

• The Investment Panel will meet to agree the priorities for the

investment of the available GPF funding

• Investment Panel will be presented with information on:
• The amount of GPF funding available;
• The banding and assessment of the Strategic Fit by the

Federated Areas;

• The ITE assessment of the need for intervention, viability,

deliverability, expected benefits, pace of benefit realisation and contribution to the establishment of a revolving fund;

• Federated Board written comments on the ITE assessment
• A greater weighting will be placed on the Strategic Fit of the projects,

as determined by Federated Areas.

Proposed timescales for GPF prioritisation

Approval of GPF prioritisation approach by Strategic Board 4th October 2019 Launch of GPF funding round - Open call for projects 7th October 2019 Potential scheme promoters to make initial contact with Federated Area leads 18th October 2019 Expression of Interest submission to Federated Area leads 1st November 2019 Review of Expression of Interest by Federated Areas November 2019 Federated Board decision on schemes to be nominated to SELEP 6th December 2019 Strategic Outline Business Case submission to SELEP 24th January 2020 Completion of SELEP ITE Business Case review February to March 2020 ITE attendance at Federated Board meetings March 2020 Written comments from Federated Areas submitted to SELEP 27th March 2020 Investment Panel meeting to agree GPF pipeline April 2020 Stage 3 Accountability Board meeting for final funding decision 2020/21 Stage 1 Stage 2