New Anglia Investment Appraisal Committee
Meeting Minutes (Confirmed)
23rd May 2018
Present:
Committee Members
Cllr David Ellesmere (DE)
Ipswich Borough Council
Alan Waters (AW)
Norwich City Council
Sandy Ruddock (SR)
Scarlett and Mustard
Tim Whitley (TW)
BT
Dominic Keen (DK)
High Growth Robotics
In Attendance
Iain Dunnett (ID)
New Anglia LEP
Chris Dashper (CD)
New Anglia LEP
Tracie Ashford (TA)
New Anglia LEP
Actions from meeting 23.05.18
Welcome from the Chair
To note to the main board as part of the governance arrangements the need to consider a Vice
CD
Chair for the Investment Appraisal Committee
Horizon Projects Table
To work with Keith Spanton on developing the Horizon Table with budget information
ID
To investigate the possibility of a wider all projects table (similar to the Horizons Table) for
CD
future planning.
1
Welcome from the Chair
David Ellesmere (DE) welcomed everyone to the meeting and explained that Lindsey had
asked him to deputise. David suggested there should be a more formal process or agreement
of who should deputise when the chair in unavailable to attend.
The Committee Agreed
Chris Dashper (CD) to note to the main board as part of the governance arrangements
CD
the need to consider a Vice Chair for the Investment Appraisal Committee
2
Apologies
Apologies were received from Lindsey Rix and John Griffiths
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 6 Alan Waters - Norwich Castle “Gateway to Medieval England”
4
Minutes of the last meeting
The committee agreed the minutes were a true account from the last meeting on 18.04.18.
Actions from last meeting updated as follows:
Horizon Paper
CD/ID to review Cultural Projects - to be completed as part of the Growth Deal appraisal of
deferred projects. - Completed
CD to oversee review of Growth Deal projects in May - Completed
Horizon Paper
ID to include new headings detailing funding, drawdown, forecast and a RAG rating to be
included and for the table to be transferred to Excel for the next meeting - Completed
Speculative Investment Paper
Page 1 of 3
CD to make amendments as discussed and re circulate to the Investment Appraisal
Committee before the next meeting - Completed
5
Horizon Paper - Confidential
DE commented this table was improving however the wider budget available beyond that
presented in the paper should be included.
Tim Whitley (TW) requested more information on projects that the LEP were currently involved
with but were not on the table. CD explained that this particular table was more for the Growing
Places Fund related projects.
The Committee Agreed
That CD would investigate the possibility of a wider all projects table (similar to the
CD
Horizons Table) for future planning.
That Iain Dunnett (ID) would work with Keith Spanton on developing the Horizon Table
ID
with budget information
6
Capital Growth Programme
CD took the paper as read and highlighted how decisions had been made and talked briefly
over the results.
Table 1 Projects recommended for approval.
CD reviewed each project and highlighted key areas
Table 2 Projects recommended for approval through Growing Places Fund
CD talked through each project.
Alan Waters (AW) left the room while Norwich Castle Project was discussed
DE asked why the score for the Norwich Castle Project was lower than that for some projects
which had been rejected, CD explained that it is due to the HLF (Heritage Lottery Fund) grant
decision not being as advanced as some of the other cultural and tourism projects. Once the
HLF funding is secured the score would improve and match the score of Gainsborough’s
House. Securing the HLF funding would be a condition of the grant
AW returned to the room
Table 3 Projects recommended for rejection
CD reviewed the table and each project
DE said that The Hold was a significant heritage project and would open up much wider
benefits if it was given some support and suggested this be awarded a Growing Places Fund
Grant of £250,000 as this was a proportionate offer in comparison to previous projects.
CD confirmed that this would secure leverage and the project had already secured HLF.
The committee agreed
To note the content of the paper
For DE to present the committee recommendation at the LEP board meeting on the
23rd May 2018 for the A140 Hempnall Road to be approved
For DE to present the committee recommendation at the LEP board meeting on the
23rd May 2018 for the Eye Airfield Link Road to be approved
For DE to present the committee recommendation at the LEP board meeting on the
23rd May 2018 for the Great Yarmouth Flood Defence to be approved
For DE to present the committee recommendation at the LEP board meeting on the
23rd May 2018 for the Snape Maltings Flood Defence to be approved
For DE to present the committee recommendation at the LEP board meeting on the
23rd May 2018 for the Gainsborough’s House National Centre to be approved
For DE to present the committee recommendation at the LEP board meeting on the
23rd May 2018 for the Norwich Castle `Gateway to Medieval England` to be approved
For DE to present the committee recommendation at the LEP board meeting on the
23rd May 2018 for the Projects recommended for rejection are rejected with the
exception of The Hold- Suffolk Archives Services
For DE to present the committee recommendation at the LEP board meeting on the
23rd May 2018 for The Hold - Suffolk Archives Services to be awarded a £250,000
Growing Places Fund Grant.
Page 2 of 3
7
Speculative Development Paper
CD took the majority of the paper as read and talked through the changes made as per the
previous recommendations from the committee members.
TW questioned the rationale around the scoring table within the paper and said the table
suggested the LEP were happy to take risks.
CD explained the scoring table was designed as an early stage process to confirm the suitability
of an application for potential support but that the IAC and Board could then discuss further and
vary the parameters if they felt that was necessary.
The Committee Agreed
To note the content of the paper
For DE to present the committee recommendation at the LEP board on 23rd May 2018
for the Speculative Development document to form part of the decision making process
when assessing speculative development loans.
8
Atex Developments
DE explained this paper had been adjusted and was in line with the Speculative Development
Paper.
ID said that a new tenant was close to being secured which was good news.
The Committee Agreed
To note the content of the paper
For DE to present the committee recommendation at the LEP board on 23rd May 2018
for a loan of £630,000 to Atex Developments
Other
9
Any Other Business
None
Date and time of next meeting: Wednesday 20th June, 2018. 9am-9:45am
Venue: Vice Chancellor’s Office, University of East Anglia, Norwich, Norfolk, NR4 7TJ
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