Decision details

Authority to Spend (Scheme Ref: 16500 RIF) and enter into a contract with partner local authorities to establish a Leeds City Region Revolving Investment Fund

To provide authority to spend in accordance with capital scheme reference 16500 RIF.

To authorise the Director of Resources to take any necessary further action to establish a Leeds City Region Revolving Investment Fund including approval of any necessary agreements to enable Leeds City Council to be a founder member of the fund.

The Chief Officer, Public Private Partnerships and Procurement Unit submitted a report seeking approval to enter into a limited partnership with partner local authorities to establish a Leeds City Region Revolving Investment Fund (RIF), and seeking authority to invest £6,440,000 in accordance with capital scheme number 16500RIF, as the Leeds City Council agreed contribution to the setup of the Fund.

The Board noted the report set out the following key issues:

· The strategic context for the RIF

· The First Phase Launch

· How the Fund will operate

· The requirements of Founder Member Authorities

· Capital Investment from Leeds City Council

The Board noted comments highlighting the need to ensure the RIF included clear governance arrangements with a strong decision making model which included continued monitoring of decisions. The Board was advised that, with the establishment of the West Yorkshire Combined Authority (which appeared as a separate item later on the agenda) the RIF would fit into the governance model being developed for the WYCA which had the support of all relevant authorities

RESOLVED –

a)  That authority be given to invest the £6.440m in the RIF, in accordance with capital scheme number 16500 RIF

b)   That the Director of Resources be authorised to take any necessary further action to establish a Leeds City Region Revolving Investment Fund including the approval of any necessary agreements (in accordance with the Principles as defined in paragraph 3.1 of the report), and any necessary decision making arrangements in relation to the making of investments by the RIF, to enable Leeds City Council to become a Founder Member of the Fund

c)   That authority be given for Leeds City Council to act as administrator of the RIF (including, if necessary, the establishment of a “General Partner” for the RIF).

Leeds City Region Revolving Investment Fund Project Board Members (10/05/2013)

LCC Capital & Treasury Management team (May — June 2013)

Leeds City Region Chief Executives meeting (20/05/2013)

CLT (28/05/2013)

Leeds City Region Leaders Board (06/06/2013)

Legal and Financial Advisors (between April and June 2013)