Agenda, decisions and minutes

Investment Committee - Monday, 21st October, 2024 2.00 pm

Venue: CPCA Meeting Room, Pathfinder House, Huntingdonshire DC

Contact: Email: democratic.services@cambridgeshirepeterborough-ca.gov.uk 

Items
No. Item

1.

Apologies for Absence

To receive any apologies for absence and notification of substitutions.

Decision:

Apologies were received from Cllr Sharp.

Minutes:

Apologies were received from Cllr Sharp.

2.

Declaration of Interests

At this point Members must declare whether they have a disclosable pecuniary interest, or other interest, in any of the items on the agenda, unless it is already entered in the register of members’ interests.

Minutes:

No interests were declared.

3.

Minutes of the previous meeting pdf icon PDF 158 KB

To approve the minutes of the meeting held on 29 August 2024 and to note the Action Log.

Additional documents:

Decision:

The minutes from the meeting held on 29 August 2024 were approved as an accurate record.

The Action Log was noted.

 

Minutes:

The minutes from the meeting held on 29 August 2024 were approved as an accurate record.

The Action Log was noted.

 

4.

Investment Committee Concept Papers pdf icon PDF 186 KB

To consider and comment on the concept proposals within the report prior to their presentation to the CPCA Board on 13 November 2024. 

Additional documents:

Decision:

RESOLVED:

A.    To note and comment upon the concept papers prior to their presentation CPCA Board at its meeting on 13 November 2024:

 

Minutes:

The Assistant Director of Delivery Economy and Growth introduced the report which set out the concept proposals for consideration and comment by the Committee prior to their presentation to the CPCA Board on 13 November 2024. The Executive Director for Place and Connectivity was also in attendance (virtually) to answer Members’ questions

 

During discussion the following points on each of the concept papers were noted:

 

Extending Retrofitting Your Home

a)    Concerns were raised about the project’s cost with Members questioning whether there had been significant changes in retrofitting practices since the Cambridge City Council’s original work and that current solutions might already address the project’s aims.

b)    Officers explained that the cost reflected research into various housing types and the preparation of targeted guidance to prevent misguided retrofitting efforts by homeowners.

c)    Officers agreed to reassess available resources and existing models to streamline costs, as well as examine if merging related proposals, such as domestic energy efficiency projects, could yield financial efficiencies.

d)    The proposal to move forward with the concept paper was conditionally endorsed, contingent on further review of cost breakdowns and potential overlap with existing resources.

 

Fen Roads Trial

a)    Officers confirmed to Members that Cambridge County Council had thoroughly researched various solutions and noted that other counties, including Lincolnshire and Norfolk, were very interested in the outcomes of this project. The Committee were assured that the Council had considered other regions' experiences but affirmed that this initiative was particularly focused on Fenland's unique conditions.

b)    The heightened vulnerability of Fenland roads due to climate change, including extreme weather patterns such as hotter summers and wetter winters which exacerbated road subsidence, and the increase in road usage by larger vehicles adding further strain on existing infrastructure, was highlighted by Members.

c)    The Fenland Member expressed support for the project, emphasising its importance to the local area. They queried whether the planned road sample length would be adequate for a comprehensive test and raised concerns regarding the financial resources allocated for an effective trial.

d)    The Mayor reiterated that the project aligned with the Combined Authority's objective to foster collaborative efforts across all councils for regional benefit and highlighted the potential for Fenland’s infrastructure project to become a pioneering model, which, if successful, could generate additional funding opportunities and technical expertise, potentially benefiting other areas facing similar challenges.

e)    The Committee expressed broad support for the project, recognising its potential to provide valuable insights into sustainable road maintenance under challenging conditions. The Committee recommended proceeding with the proposed budget for the trial, with the understanding that any necessary extensions or additional funding would be revisited as the project progressed.

 

Domestic Energy Efficiency and Low Carbon Heating

a)    There was discussion on whether support should be concentrated in deprived areas versus evenly across districts. While the importance of targeting need was acknowledged, a flexible approach based on property readiness and established pipelines was preferred.

b)    Some Members suggested basing eligibility on total income rather than benefit status, to ensure fairness  ...  view the full minutes text for item 4.

5.

Single Assurance Framework Business Case Approvals - Investment Committee decision: Climate Programme Bidding Fund Outline Business Case (OBC) pdf icon PDF 174 KB

To present the Outline Business Case for the Climate Programme Bidding Fund.

Additional documents:

Decision:

RESOLVED:

A      To approve the Outline Business Case, and £102,000 revenue for the bidding round and development of the Full Business Case 

 

Minutes:

The Executive Director for Place and Connectivity introduced the report which sought approval for the development and delivery of a bidding round which would identify and fund a series of projects which would contribute to the Climate Action Plan Objectives.

 

During discussion the following points were noted:

 

a)    Members inquired about the feasibility of adhering to the timeline and officers confirmed that although there was a risk of receiving a high volume of applications, additional support had been arranged to assist with the appraisal process, enabling timely review and reporting.

b)    Recognising that the bidding round would be launched close to the holiday season, a comprehensive communications strategy was planned to ensure broad awareness. in addition, online sessions for public and not-for-profit sector participants would be scheduled to provide guidance on preparing quality applications. Consultancy support would also be available for more tailored assistance

 

RESOLVED:

On being proposed by the Mayor and seconded by Cllr Smith, the Committee resolved to:

 

A     To approve the Outline Business Case, and £102,000 revenue for the bidding round and development of the Full Business Case 

 

6.

Single Assurance Framework Business Case Approvals: Chief Executive Officer Decisions pdf icon PDF 168 KB

To note the Chief Executive business case decisions for projects less than £1m, under the Single Assurance Framework arrangements.

Decision:

RESOLVED:

A.    To note the Chief Executive business case decisions for projects less than £1m under the Single Assurance Framework.

 

Minutes:

The Executive Director of Resources introduced the report which set out the projects which had been approved by the Chief Executive in accordance with the delegated authority from the Board.

 

During discussion the following points were discussed:

 

a)    Members expressed appreciation for the Schools Low Carbon Heating Program, recognising its value in promoting sustainability within educational institutions.

b)    It was clarified that the Biodiversity Audits were mandated under the 2021 Environment Act, with funds provided to each local authority for specific ecological studies on publicly owned assets within their areas. Authorities could prioritise assets as they saw fit, selecting specific sites or focusing at a parish level.

c)    The Committee noted the importance of collaboration across local authorities, which could yield procurement efficiencies such as shared ecological resources or joint assessments.

d)    The timing of ecological surveys would align with the spring season to ensure meaningful data collection during the breeding season. Local authorities were expected to commence reporting later in 2025, allowing a full growing season for the audit process.

 

RESOLVED:

A.    To note the Chief Executive business case decisions for projects less than £1m under the Single Assurance Framework.

 

7.

CA Subsidiary Companies and Equity Interests pdf icon PDF 172 KB

To note the current position on subsidiary company and other equity interests of the Combined Authority.

Additional documents:

Decision:

RESOLVED:

A.    To note the subsidiary company information and current equity holdings of the Combined Authority

 

Minutes:

The Executive Director of Resources introduced the report which set out the current position on subsidiary company and other equity interests of the Combined Authority for the Committee to note. The Senior Responsible Officer for Local Growth Fund, Market Insight and Evaluation was also in attendance to answer any questions.

 

During discussion the following points were noted:

 

a)    The Combined Authority was able to assert influence in decisions taken by associated companies such as ARU and R&D entities as decisions progressed through a structured approval process within the relevant boards (eg. PropCo1 and PropCo2) where the Combined Authority had representation.

b)    The Transport Accelerator programme was among those proposed for wind-up and this would be documented in circulated updates.

c)    It was confirmed that new schemes, such as the Finance South-East (FSE) and Alia funds, had designated representatives from the Committee. Older schemes retained representation among officers, but political oversight on joint venture boards was limited.

d)    The Chair acknowledged that Committee representatives for the funds had been selected based on prior interest, without a formal committee-wide vote. Moving forward, a more inclusive nomination process would be carried out to ensure transparency and participation from all interested committee members.

e)    Officers clarified that Illumina remained a shareholder in the Accelerator programme projects and the CA’s Growth Hub would continue to monitor the investments and provide support.

 

RESOLVED:

A.    To note the subsidiary company information and current equity holdings of the Combined Authority

 

ACTION:

1.    Officers to circulate an updated list of entities and the associated stakeholders under the Accelerator programme, especially those scheduled for wind-up.

 

 

8.

Peterborough R&D Property Company Limited (PropCo2) - Shareholder Agreement and Lease pdf icon PDF 136 KB

To outline changes to a shareholder’s agreement between PropCo2 and Anglia Ruskin University.

 

Decision:

RESOLVED:

The Investment Committee resolved to:

A.    Recommend to the CPCA Board that the CPCA complete a shareholder’s agreement with PropCo2 and ARU including the issuance of 3 million shares to the Combined Authority and up to 1.5 million shares to ARU in return for cash or an in-kind investment of up to £1.5m, subject to the final version of the shareholder agreement being approved by the Monitoring Officer in consultation with the Chief Finance Officer, the Executive Director Economy and Growth, and the Chair of the Investment Committee, Mayor Dr Nik Johnson

 

B.    Recommend to the CPCA Board that the CPCA agree to provide shareholder approval for PropCo2 to enter into an agreement to lease the whole of the Phase 2 building to Anglia Ruskin Enterprise Limited subject to the final version of the lease being approved by the Monitoring Officer in consultation with the Chief Finance Officer, the Executive Director Economy and Growth, and the Chair of the Investment Committee, Mayor Dr Nik Johnson

 

NB. Text in bold is in addition to the original recommendations

 

Minutes:

 

After an introduction by the Assistant Director of Delivery Economy and Growth which outlined the changes to a shareholder’s agreement between PropCo2 and Anglia Ruskin University, Members expressed a need for additional questions and review of the background to this item. The Mayor was advised by the Deputy Monitoring Officer that in order to further examine the background to this item a move into private session would be required.  With the agreement of the Committee, the Mayor therefore moved that the item be moved to the end of the agenda.

RESOLVED:

The Investment Committee resolved to:

A.    Recommend to the CPCA Board that the CPCA complete a shareholder’s agreement with PropCo2 and ARU including the issuance of 3 million shares to the Combined Authority and up to 1.5 million shares to ARU in return for cash or an in-kind investment of up to £1.5m, subject to the final version of the shareholder agreement being approved by the Monitoring Officer in consultation with the Chief Finance Officer, the Executive Director Economy and Growth, and the Chair of the Investment Committee, Mayor Dr Nik Johnson

 

B.    Recommend to the CPCA Board that the CPCA agree to provide shareholder approval for PropCo2 to enter into an agreement to lease the whole of the Phase 2 building to Anglia Ruskin Enterprise Limited subject to the final version of the lease being approved by the Monitoring Officer in consultation with the Chief Finance Officer, the Executive Director Economy and Growth, and the Chair of the Investment Committee, Mayor Dr Nik Johnson

 

NB. Text in bold is in addition to the original recommendations

 

9.

Single Assurance Framework: Reporting of Major Project Performance and Risk pdf icon PDF 156 KB

To note major projects performance data and the wider CPCA project landscape.

Additional documents:

Decision:

RESOLVED:

The Investment Committee resolved to:

A.    Note the performance against major projects supported by Cambridgeshire and Peterborough Combined Authority (CPCA)

B.    Note the summary of the wider CPCA project landscape

 

Minutes:

The Committee received a report from the Executive Director of Resources which set out performance data for the major projects supported by CPCA investment and highlighted the wider CPCA project landscape.

 

During discussion the following points were discussed:

 

a)    The Executive Directors and senior management team reviewed risks, with heightened intervention required for red-rated projects. In the case of the Net Zero Program, challenges were partly due to national trends, with additional scrutiny from the Department for Energy Security and Net Zero.

b)    The green status of the Market Town Master Plans and the alignment with delivery goals reflected the overall progress of phases one and two, which included investment in local community projects. However, individual project statuses may vary.

c)    The amber rating for the Peterborough Station Quarter (PSQ) reflected the complexity of the project and the timeline targets. Officers clarified that while the Great Northern Hotel was outside phase one of the Station Quarter, ongoing collaboration with Peterborough City Council on the station redevelopment project included consideration for the hotel’s role in broader city improvements.

d)    The importance of accurate project status communication, and governance improvements for future transparency and accountability, was highlighted.

 

RESOLVED:

The Investment Committee resolved to:

A.    Note the performance against major projects supported by Cambridgeshire and Peterborough Combined Authority (CPCA)

B.    Note the summary of the wider CPCA project landscape

 

10.

Work Programme pdf icon PDF 64 KB

To note the Committee’s Work Programme.

Minutes:

RESOLVED:

The Investment Committee resolved to:

A.    Note the Work Programme

11.

Date of Next Meeting

25 November 2024

Minutes:

The date of the next meeting was to be confirmed.