Agenda item

Kate Ellis (Strategic Director – Major Developments, City of Lincoln Council) presented a report which set out options for reassigning HIVE Project Outputs and Expenditure, which represented a £1m gap in the project programme.  As referred to in Minute 21, any replacement should represent true value for money and that additional outputs were being achieved and therefore the original guidance must be followed.  The Board recognised that the required timescales to find a replacement were constrained, as it was necessary to work to the existing deadlines.  The Strategic Director presented the options available to the Board, which were set out within the report.

Angela Andrews (Chair of the Investment Sub-Committee) presented the recommendations of the Sub-Committee, which included:

(1)         The Town Deal Board be recommended to redistribute £61,000 of funding to the Store of Stories Community Grocery to secure project deliverability of the basis of the strong Business Case and benefit to cost ratio of 7.5:1, and confirmation of additional outputs being achieved.

(2)         The Town Deal Board be recommended that all Programme Projects be invited to highlight any pressures to utilise the addition funding by completing the form presented in the pack by 28 January 2022 for assessment against the reported criteria.

(3)         The Town Deal Board be recommended to invite Lincoln Science and Innovation Park and any other identified projects, to provide a full Business Case for due diligence assessment and reporting to next Investment Sub-Committee.

The Board was invited to ask questions and make comments, where the following points were noted:

·         A suggestion was made for a cultural restart project to be explored and whilst it was acknowledged this would involve revenue expenditure, it could be added to existing capital projects which would add value for money and additional outputs. The limited timeframe of needing to submit any new or revised business cases within two weeks was also discussed and whether this could realistically be delivered by partners.

·         The Board discussed the possibility of inviting the Lincoln Science and Innovation Park and also Wigford Way to provide a full business case, whilst highlighting the tight timescales associated with doing so.

·         The Board discussed the need for any new project to demonstrate true value for money and additional outputs; and in addition, for existing projects, they could highlight any de-risking as a result of the funding bid.

·         The Board also discussed the possibility of introducing a reserve list of projects.

·         The Board emphasised the need for any new or amended businesses which were submitted to be assessed against set criteria.  Assurances were given that existing criteria would be applied and any new or amended business cases would be subject to the relevant due diligence.

After being put to the vote it was RESOLVED

(1)         That £61,000 of funding be redistributed to the Store of Stories Community Grocery to secure project deliverability of the basis of the strong Business Case and benefit to cost ratio of 7.5:1, and confirmation of additional outputs being achieved.

(2)         That all Programme Projects be invited to highlight any pressures to utilise the addition funding by completing the form presented in the pack by 28 January 2022 for assessment against the reported criteria.

(3)         That the Lincoln Science and Innovation Park and Wigford Way, as well as other existing projects which could potentially meet existing deadlines, be invited to provide a full Business Case for due diligence assessment and reporting to the next Investment Sub-Committee.

(4)         That a reserve list of projects be developed.