Decision

To approve the draft strategy for the unallocated Growth Deal funds as noted in section 5, Strategic Business Case of the Commercial Property Fund and the Strategic Business Case for the Innovation and Growth Fund and ask the Portfolio Director to take the necessary steps to introduce a Final Business Case for consideration. 

To approve the proposed decision-making framework for the proposed funds as noted in section 6 of the report and ask the Portfolio Director to incorporate the framework in the final business cases before being submitted for consideration.  The Innovation and Growth Fund's Strategic Outline Case and ask the Portfolio Director to undertake all required steps to submit a final business case for consideration.

To agree to the changes in the Reserve List as outlined in section 5 of the report and ask the Portfolio Director to undertake all operational steps to implement the changes.