New Anglia Investment Appraisal Committee
Meeting Minutes (Confirmed)
21st March 2018
Present:
Committee Members
Cllr David Ellesmere (DE)
Ipswich Borough Council
Lindsey Rix (LR) By Phone
Aviva
John Griffiths (JG)
St Edmundsbury Borough Council
Sandy Ruddock (SR)
Scarlett and Mustard
Alan Waters (AW)
Norwich City Council
In Attendance
Iain Dunnett (ID)
New Anglia LEP
Chris Starkie (CS)
New Anglia LEP
Chris Dashper (CD)
New Anglia LEP
Tracie Ashford (TA)
New Anglia LEP
Actions from meeting 21.03.18
Minutes from Last meeting
All attendees to be listed on the agenda.
TA
Minutes from Last meeting
Horizon information to be visible at the beginning of the meeting papers in future from May
ID
2018.
Stowmarket Atex Confidential
ID to send to the committee further information on land value, draw down and cash flow for
ID
committee consideration and recommendation to board.
1
Welcome from the Chair
Lindsey Rix (LR) went round the table and everyone introduced themselves and apologised for being on
the phone.
2
Apologies
Apologies were received from Tim Whitley and Dominic Keen.
3
Declarations of Interest
Full declarations of interest can be found at http://www.newanglia.co.uk/about-us/the-board/.
Declarations relevant to this meeting:
Item 8 Alan Waters (AW)
Item 9 David Ellesmere (DE)
4
Minutes of the last meeting
The committee agreed the minutes were a true account from the last meeting on 21.02.18.
LR requested that the list of attendees appeared on the agenda and the Horizon Details
should be at the front of the paper in future and needed to include broad financial
parameters for the Growing Places Fund.
Actions from last meeting updated as follows:
Capital Growth Programme Verbal Update
CD/ID to review Cultural Projects - to be completed as part of the Growth Deal appraisal of
deferred projects.
CD to oversee review of Growth Deal projects in May - Ongoing.
Terms of Reference
CD To make amendments to Terms of Reference and ensure on website by 28/02/18 -
Completed
AOB
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ID to bring a dashboard of headline projects to the next meeting - Completed
The Committee Agreed that
The list of attendees should be listed in the agenda
The Horizon information should be visible at the beginning of the meeting papers in
future
5
Stowmarket Atex - Confidential
The committee agreed
To note the content of the application.
ID to send further information before the next meeting with details of land value and
ID
details of repayment and drawdown with a view to going to the Board in April.
6
Carlton Marshes
Iain Dunnett (ID) took the majority of the paper as read and highlighted the key points of the
paper.
JG said it offered a good opportunity to invest in with very good leverage, CD confirmed the
match funding was important.
LR recommended supporting the proposal provided Heritage Lottery Fund funding is also
awarded.
The Committee agreed
To note the content of the paper.
To award the grant of £250,000 to Suffolk Wildlife Trust for Carlton Marshes,
dependent upon a successful outcome on the HLF application.
7
Snetterton Heath Power - Confidential Appendices
CD took the majority of the paper as read and highlighted the key areas.
AW questioned whether the LEP was subsidising an increase in land value and wanted to
know if the LEP would get a return on investment.
CS compared the project with investment in the Norwich Anglian Square development.
CD explained there was a clawback that could be incorporated into the agreement to give a
return and could be fixed at a de minimus level.
JG asked if a grant/loan combination could be considered and CS explained that this had
been explored over a 6 month period but was not viable.
The Committee Agreed
To note the content of the paper.
That CD would present the committee recommendation at the LEP board meeting on
the 21st March 2018 to offer a grant of £2.65m.
8
Norwich Area Transportation Strategy
Alan Waters (AW) left the room while this was discussed.
CD took the majority of the paper as read and reviewed the keys points of the paper.
The committee agreed
To note the content of the paper.
To transfer of £350,000 from NATS A11 Corridor Package to the NATS City Centre
Package.
The inclusion of the Plumstead Road roundabout scheme into the NATS City Centre
Package and use of £400,000 of previously allocated fund.
Alan Waters returned to the room.
9
Ipswich Cornhill
David Ellesmere (DE) left the room while this was discussed.
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CS took the majority of the paper as read and reviewed the keys points of the paper.
The Committee Agreed
To note the content of the paper.
That CS would present the committee recommendation at the LEP board meeting on
the 21st March 2018 to offer an additional £50,000 grant.
David Ellesmere returned to the room
10
Verbal Update Great Yarmouth Investment - Confidential
Governance
11
Growing Places Fund Horizon Projects
This was discussed under previous meeting minutes and was agreed that this would feature
at the front of papers for future meetings from May 2018 following approval of the LEP
Capital Budget in April 2018.
12
Terms of Reference - Growing Business Fund
The Committee Agreed
To note the content of the paper
To adopt the Terms of Reference
13
Terms of Reference - Investment Appraisal Committee
The Committee Agreed
To note the content of the paper
To adopt the Terms of Reference
Other
14
Any Other Business
None
Next Meeting
Wednesday 18th April 2018, 9am - 9.45am.
Green Britain, Swaffham, Norfolk
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