Agenda item

A report was presented to provide the Board with an update on the significant investment opportunities that have been identified from LEP led business engagement. 

13 identified schemes had been considered by the LEP Board at their March meeting to go onto the pipeline in order that Business Cases may be developed for approval by this Board or the MCA.

The Board noted that the 13 projects could have an immediate impact and were are likely to need in the region of £74m public investment to realise c£500 m of private investment and create c 1445 jobs.  Of which, 8 would be new investors to the region and 5 were indigenous companies with expansion plans. 

To-date, discussions had taken place with 65 businesses.  These consisted of a mix of old industry, new digital and technology businesses, locally owner managed, as well as multinational companies at different stages of maturity.

It was noted that further cohorts of projects would be presented at the June LEP Board meeting.  This would be a regular item at the meetings of the LEP Board and this Board.

R Clark asked the Board to provide a steer how they would like to receive information on the next round of enquires which the Team were currently handling. 

Following discussion, the Board highlighted that there needed to be openness and transparency with regards to the funding available to fund those projects within the pipeline.  The Board said that they would also need to be provided with details on the assurance framework process and its role with regards to making approvals. 

The Board asked that a summary of the projects within the pipeline be presented at future Board meetings, on the assumption that Members had signed the Non-Disclosure Agreements. 

In relation to the assurance processes and due diligence, H Kemp said that a draft Assurance, Monitoring and Evaluation Framework had been presented to the MCA, which would also be presented at a future Board meeting, to set out the process.  Officers were currently carrying out work to identify those projects in the pipeline which were considered to be at risk if they could not be funded in 2021/22. 

The Board agreed that an informal meeting be arranged within the next 3-4 weeks to discuss finance and the Board’s role with regards to the Assurance, Monitoring and Evaluation Framework and approvals process.  ACTION: R Clark & H Kemp. 

G Morgan informed the Board that there was currently a shortage of land and sites across the region for projects coming forward in 2021/22.  The Board was also made aware that the lack of power at 2-3 sites in the region was also becoming an issue.

Following discussion, the Board suggested that there be a joint discussion with the SCR Housing and Infrastructure Board around the shortage of land, site and power. 

H Kemp added that she would also discuss this matter with Infrastructure colleagues.  ACTION: H kemp. 

RESOLVED – That the Business Recovery and Growth Board:-

1.      Acknowledge the investment projects that were accepted onto the pipeline by the LEP Board in March.

2.      Agreed that an agreement is reached to allow officers to progress all the projects to Strategic Business Case, ready for when funding is in place to achieve the investment for South Yorkshire.

Discussed the types of projects they would like to see coming forward onto the pipeline.