Decision Maker: West Yorkshire Combined Authority
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Approval for the scheme to progress through
Activity 4 (Full Business Case)
Resolved: That the Combined Authority approves that, subject to the conditions set by PAT:
a)
The West Yorkshire Business Accelerator Fund scheme
proceeds through decision point 2 (Strategic Outline Case) and
decision point 4 (full business case) and work commences on
activity 5 (delivery).
b)
The West Yorkshire Business Accelerator Limited
Partnership, a Private Fund Limited Partnership, is established
with the Combined Authority as the sole Limited Partner. The other
party of the partnership will be the General Partner, a Special
Purpose Vehicle to be set up by the appointed Fund
Manager.
c)
Approval is given to the Combined Authority’s
contribution of £21,650,000. The total scheme value is
£21,650,000.
d)
The Combined Authority delegate approval of the
final investment strategy to the Managing Director.
e) Future approvals are made in accordance with the assurance pathway and approval route outlined in the submitted report and where required, any change requests are delegated to the Business, Economy, and Innovation Committee. This will be subject to the scheme remaining within the tolerances outlined in the submitted report.
Conditions
The following conditions have
been set by PAT to gain Approval to Proceed to Delivery:
a)
Sign off from the Combined Authority’s Legal
and Finance Team. Finalise and review Limited Partnership Agreement
and Investment Management Agreement with Pinsent Mason as the
external legal advisor of the Combined Authority.
b)
Review Environmental Social & Governance (ESG),
Equality Diversity & Inclusion (EDI) KPIs and targets, discuss
and agree with Fund Manager.
c)
Develop a clear Communications Strategy outlining
reporting mechanisms and requirements from the Fund
Manager.
d) Develop a robust Monitoring and Evaluation Plan setting out monitoring methodology, timelines, responsibilities, and evaluation reporting.
Report author: Sylvia Hargreeves
Publication date: 10/12/2021
Date of decision: 09/12/2021
Decided at meeting: 09/12/2021 - West Yorkshire Combined Authority
Effective from: 18/12/2021
Accompanying Documents: