Decision

The West of England Combined Authority Committee:

1)         Approved the business case for the Future Places Fund as set out in Appendix A;

2)         Approved the Investment Strategy for the Future Places Fund as set out in Appendix B. This to be reviewed by the MCA Committee on an annual basis;

3)         Delegated authority to the MCA’s Director of Place, in consultation with the MCA’s Section 73 Officer to enter into an agreement for the appointment of a Fund Adviser to the Future Places Fund;

4)         Delegated authority to the MCA's Director of Place, in consultation with the MCA's Section 73 Officer and supported by the Future Places Fund Investment Board, to make investment decisions and approve material variations, recovery actions and other fund management decisions required for the operation of the Future Places Fund;

5)         Approved in principle the proposed borrowing of up to £65m to capitalise the Future Places Fund and noted that, in accordance with the Constitution, the Director of Finance, Investment and Commercial can enter into such borrowing arrangements on behalf of the West of England Combined Authority.  

6)         Approved the draft Terms of Reference for the Future Places Fund Investment Board.