Agenda item - Investment Fund

Report for consideration by the Combined Authority Committee.

The West of England Combined Authority Committee RESOLVED:

1. To approve the Feasibility and Development Funding Application for the 10 Year Rail Delivery Plan and award of £470k.

2. To approve the Strategic Outline Business Case for the Winterbourne & Frampton Cotterell and Coalpit Heath & Westerleigh Bypasses.

3. To note the submission of the DfT E-Cycles Extension Fund Bid.

4. To approve the Feasibility and Development Funding Application for the North Fringe Public Infrastructure Package and award of £350k.

5. To delegate the approval of Outline Business Cases through the Development Infrastructure Fund that come forward in advance of the next meeting of the WECA Committee to the WECA Chief Executive in consultation with the Chief Executives of the constituent Councils, subject to fit with the agreed criteria and headroom being available.

6. To approve the Outline Business Case for Bottle Yard Studios – Hawkfield Business Park subject to the completion of a Monitoring and Evaluation Plan with the award of £135k to develop the Full Business Case and an allocation of a further £11.73m

7. To allocate up to £7.56m to Kingswood High Street subject to the award of funding through the Future High Streets programme with the approval of funding delegated to the WECA Chief Executive in consultation with the Chief Executives of the constituent Councils.

8. To approve the Full Business Case for the Innovation for Renewal and Opportunity project and award of £5.716m and to delegate grant giving to the WECA Chief Executive in consultation with the Chief Executives of the constituent Councils.

9. To delegate the approval of the use of the £1m Innovation for Renewal and Opportunity influence fund, to support specific innovation projects which align with the project objectives and outcomes, to the WECA Chief Executive in consultation with the Chief Executives of the constituent Councils.

10. To approve the change requests for schemes within the current programme as set out in Appendix 2.

11. In advance of the next meeting of the WECA Committee, to delegate the approval of changes to funding profile and programme for approved schemes to the WECA Chief Executive in consultation with the Chief Executives of the constituent Councils.

12. To amend the approved capital programme for individual project approvals agreed at the December Committee and within this report.

The Combined Authority Committee considered a report setting out the latest proposed approvals in relation to the Investment Fund (agenda item 18).

The Chair highlighted the following aspects of the report and commented as follows:

* He reminded members that a slightly updated version of the report had been published and was available on the Combined Authority website. This updated version contains additional explanatory wording and context at paragraph 9 of the report (the section of the report that refers to the Winterbourne & Frampton Cotterell and Coalpit Heath & Westerleigh bypasses).

* As with previous Investment Fund reports, he highlighted the wide range of significant project approvals being taken forward, all of which continue to demonstrate how the Combined Authority is driving forward at pace in delivering significant projects.

* The specific proposals in this report included:

- Development funding applications for the 10 Year Rail Delivery Plan and North Fringe Public Infrastructure projects.

- The Outline Business Case for the Bottle Yard Studios at Hawkfield Business Park in south Bristol

- A funding allocation to match fund the Kingswood Future High Streets bid to government.

* Finally, but importantly, the Investment Fund has been subject to a 5-year government Gateway review process which is now concluding. Throughout this process, the Combined Authority had to provide relevant evidence to successfully pass the Gateway in order to unlock funding for the next 5 years. This initial Gateway process will formally conclude by March 2021 and it is strongly anticipated that this will result in the release of £150m funding for the next 5 year period.

The recommendations as set out in the published report were then moved by the Chair and seconded by Cllr Savage.

Mayor Rees welcomed the report, and in particular the recommendation to approve the Outline Business Case for Bottle Yard Studios and the associated funding. The Bottle Yard studios had been a key factor in encouraging Channel 4 to establish a creative hub in Bristol and will be a major contributor to the region’s economy. Encouraging responses to this investment have been received from Creative England and the British Film Commission; this further adds to the reputation of the region as an area that is a key base for the creative sector. He also welcomed the recommendation to allocate funding to support Kingswood High Street improvements, recognising the importance of supporting high streets and local centres across the region as they adapt as the pandemic eases.

Cllr Savage welcomed the report and was very pleased to see the recommendation supporting Kingswood High Street improvements, following the Future High Streets fund announcement. This was the culmination of a very long and competitive bidding process resulting in a government funding award of £12.5m; the further funding from WECA will enable South Gloucestershire to respond positively to the government with assurance that delivery can be maximised. This will see transformational schemes delivered along Kingswood High Street and will be backed by a report to South Gloucestershire’s Cabinet on 1 February which recommends using borrowing set aside through South Gloucestershire’s property investment strategy into place shaping. Property acquisition could now proceed, as could completing the restoration of the Grade 1 listed Whitfield Tabernacle, as well as developing design options for Regent Street and promoting active travel options. He was also pleased to see the progression of the Strategic Outline Business Case for Winterbourne & Frampton Cotterell and Coalpit Heath & Westerleigh bypasses, which will address existing network problems and cater for growth already on course for planning permissions already granted. He also reflected the comment from Cllr Labuschagne during the public forum to emphasise that these bypasses will be multi-modal, providing travel choices for people; this is an important principle for new schemes of this nature. This will be complementary to the Yate Park and Ride. Finally, he welcomed the 10 year rail plan, which builds on the investment in MetroWest.

Cllr Romero commented that Bath and North East Somerset has benefitted from the Investment Fund, including Love Our High Streets funding which is critical to the future recovery of key shopping areas across the region. Keynsham, for example, has benefitted from this funding and it is really commendable that this investment is being made where it is needed.

The Chair then moved to the voting on the recommendations. Voting took place as per constitutional requirements.