Agenda item

Investment Fund

The report seeks approval for identified Investment Fund feasibility and development and delivery funding, and for change requests for schemes within the current approved programme.

Minutes:

The committee considered the latest Investment Fund report (agenda item 13).

 

The Chair highlighted that the report included reference to the following:

 

·         A proposed delegation to the Combined Authority Chief Executive (in consultation with partner authority Chief Executives) to approve the revised West of England Assurance Framework.

·         The report also presented the Outline Business Case for the A4174/Wraxall Road Roundabout Improvement and Signalisation scheme and proposed the award of a further £1.488m of funding to develop a Full Business Case.

·         It proposed a £100,000 increase to the current development funding award to further progress the development of the A420 to Bath Highway Improvements scheme; also, the allocation of £300,000 for Charfield Station and £200,000 for the Coalpit Heath/Westerleigh bypass and Frampton Cotterell/Winterbourne bypass.

·         A delegation was also proposed to enable the Investment Fund to be used to match fund submissions within the previously awarded £10m to support high streets.

 

The Chair also advised that following discussion with all the authorities, there was a proposed amendment to recommendation 5 of the report; the amendment added the following wording to this recommendation:

 

“In addition, consider the commissioning route which provides the greatest value for money in moving forward discussions with Network Rail.”

 

The report recommendations, as amended above, were then moved by the Chair and seconded by Cllr Myers.

Cllr Myers welcomed the further work which would be taken forward/enabled through the approval of this report, particularly the further development of the “Love our High Streets” initiative which would have a positive impact across the region, and highways infrastructure improvements being taken forward at a range of locations that would impact positively in improving people’s lives.

Cllr Savage welcomed the additional wording in relation to recommendation 5 and thanked colleagues for supporting the additional clarification and assurance that this provided. He also welcomed the infrastructure developments that were being taken forward, drawing attention in particular to the much needed improvements at the A4174/Wraxall Road roundabout.

The Chair then moved to the voting on the recommendations (which was carried out in line with the constitution).

 

The committee RESOLVED:

 

1. To delegate approval of the revised West of England Assurance Framework to the WECA Chief Executive in consultation with the West of England Chief Executives.

 

2. To approve the scheme changes set out in Appendix 3.

 

3. To approve the Outline Business Case for the A4174/Wraxall Road Roundabout Improvement and Signalisation scheme and award a further £1.488m of funding to develop a Full Business Case.

 

4. To approve a £100,000 increase to the current development funding award to further progress the development of the A420 to Bath Highway Improvements scheme.

 

5. To approve the allocation of £300,000 for Charfield Station and £200,000 for the Coalpit Heath/Westerleigh Bypass and Frampton Cotterell/ Winterbourne Bypass, with a delegation for the approval of the Feasibility and Development Funding Applications to the WECA Chief Executive in consultation with the West of England Chief Executives. In addition, consider the commissioning route which provides the greatest value for money in moving forward discussions with Network Rail.

 

6. To delegate the allocation of funding to match fund bids to the Future High Streets Fund within the £10m Investment Fund allocation to the WECA Chief Executive in consultation with the West of England Chief Executives.

 

7. Where there is a case for urgency, to delegate the application of the agreed Land Acquisition Fund criteria to candidate proposals and the award of funding through a business case to the WECA Chief Executive in consultation with the West of England Chief Executives.

 

Supporting documents: