Issue - meetings

Report of the Deputy Chief Executive (Place)

The Cabinet considered a report of the Deputy Chief Executive (Place), that would also be considered by the Council at their meeting on 5^th September 2017,that sought approval for the City Council to agree to accept into its Accountable Body remit, additional Growth Deal funding of £42.44m secured from central Government to add to the existing approval of £89.4m.

Coventry and Warwickshire Local Enterprise Partnership (CWLEP) had been successful in negotiating and securing additional £42.44m of Growth Deal (GD) funding from central Government to add to the existing approval of £89.4m. In total, Growth Deal resources now totalled £131.8m which would support economic growth. By 2021 up to 7,500 jobs will be created and 3,500 homes built with a total investment of up to £240m. 

The enlarged Deal remained focused on the four key areas of:

•  New infrastructure to improve connections, tackle congestion and support housing and employment sites.

•  Driving innovation in Advanced Manufacturing and Engineering.

•  Supporting businesses to flourish.

•  Growing local skills and talent.

The Council had previously agreed to be the Accountable Body for the Coventry and Warwickshire First and Second Wave of Growth Deal funding and the Programme had been operational since 2015.

RESOLVED that the Cabinet authorises the City Council to accept an additional £42.44m of Growth Deal Funding in its role as Accountable Body and guarantor for the Coventry and Warwickshire Growth Deal and enter into grant aid agreements with delivery organisations.