Decision details

This item was exempt by virtue of Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972.

A paper was considered which outlined a proposed business investment in the form of a capital loan to a local company for a total of £20m, to be drawn down from Gainshare against capital projects for business growth at the company.  The report highlighted a number of conditions that may be recommended by the Board. 

Due to the level of investment, the Board noted that the decision to provide a capital loan to the company would reside with the MCA Board and would be considered at their meeting on 21 March 2022. 

Following discussion, the Board supported the proposed financial structure for the capital loan as set out in the paper. 

In addition, the Board:

·        Requested that the company’s Sustainable Growth Roadmap be made available in full at the March MCA Board meeting to assist the Board in making a decision on funding. 

·        Queried if the company had action plans in place to address local air quality and air pollution. 

·        Asked if the company’s target date to achieve Net Zero Carbon by 31 December 2040 could be brought forward to 2030, in line with Sheffield City Council, who had declared a Climate Emergency and set a target for the city to be Zero Carbon by 2030. 

·        Queried if external partners and suppliers would be working with the company to help achieve its Net Zero Carbon Plans. 

·        Asked if emissions produced by aircraft during take-off and landing were also included in the company’s Net Zero Carbon Plans.

·        Considered that it would be beneficial for the MCA/LEP to develop a position statement in support of the company named in the paper. 

RESOLVED – That the Board considered and endorsed progression of the proposed capital loan investment to project “D0024”, subject to the conditions set out in the paper.