Issue - meetings

Resolved: That in respect of the Wakefield City Centre, South East Gateway – Rutland Mill the Investment Committee using the delegated authority from the Combined Authority Board approved:

(a)       That the Wakefield City Centre, South East Gateway – Rutland Mill proceeds through decision point 4 and work commences on activity 5 (full business case with finalised costs).

(b)       That an indicative approval to the Combined Authority’s capped contribution of £2.89 million to the Rutland Mill scheme to be funded from the Local Growth Fund programme is given towards a total scheme cost of £20.57 million with full approval to spend being granted once the scheme has progressed through the assurance process to decision point 5 (full business case with finalised costs).

(c)       That decision point 5 (full business case with finalised costs) is conditional upon the Wakefield Council providing a finalised development contract which demonstrates that if 100% of the floor space isn’t developed by December 2022, Wakefield can step in to buy back at 70% market value.

(d)       That future approvals are made in accordance with the assurance pathway and approval route outlined in this report following a recommendation by the Combined Authority’s Programme Appraisal Team. This will be subject to the scheme remaining within the tolerances outlined in this report.