Investment Appraisal Committee
Terms of Reference
Purpose
To ensure allocation of funding is delivered appropriately and in accordance with the Assurance
Framework through the mechanism of LEP Programmes - Growing Places Fund, Growing
Business Fund, Capital Growth Programme, EZ Accelerator Fund and the Innovative Projects
Fund or other funds as appropriate, and that the funding allocations support the development of
schemes that deliver the Economic Strategy.
Functions
•
Making an assessment as to the long term financial and legal viability of offering Growing
Places Fund loan finance to clients and other.
•
Making assessments on projects received through Capital Growth Programme, ensuring
value for money, additionality and alignment with the Economic Strategy ambitions and
Economic Indicators.
•
Consider proposals for co-investment of the Enterprise Accelerator Fund for projects to
be developed on Enterprise Zones, generating a rental return through co-ownership of a
suitable built asset.
•
Provide scrutiny to the Growth Deal spend profile and agree any reallocation of funds.
•
Providing a strategic assessment of proposed LEP Programme bidding calls.
•
Providing a final strategic assessment of projects and to make a decision on which
projects should be approved for funding where the value of the LEP intervention is £500k
or less.
•
Make a recommendation to the LEP Board to approve or reject each request for funding
received exceeding £500K.
•
Approve contract variation to funding agreements after initial approval by the committee
within £500k of the original agreed funding or delivery profile.
•
Lead on the development of the LEP Investment Plan making recommendations to the
LEP Board in the summer of each year which sets out the framework for LEP
Programmes for the proceeding financial year.
Membership and Appointment
The committee will comprise a total of eight members. Seven committee members will be
members of the LEP Board- four private sector members, three public sector. A further private
sector member will be independent of the LEP Board. The Chair of the Committee will be
appointed by the LEP Board, and a Deputy Chair shall be appointed to chair the Committee in the
Chair’s absence or if he/she elects to delegate the chair. Substitutes may only be accepted in
exceptional circumstances and only for public sector members at the discretion of the Chair.
Quorum
Five members, of which at least two shall be private sector directors and includes relevant LEP
Board Champion for the programme, one public sector Board member and the chair or deputy
chair.
Attendance of non-members at meetings
Officers from the LEP Executive will attend meetings and present reports and recommendations,
but will not be entitled to vote. Project applicants will not be entitled to attend meetings unless it
is deemed necessary. Meetings of the Investment Appraisal Committee will not be open to
observers or other attendees.
