Issue - meetings

1. Cabinet approved proposals for procuring a suitable party for a strategic partnership, with a third party to deliver City Leap in accordance with the recommended joint venture structure set out in the Business Case contained at Appendix A (the “City Leap Energy Partnership Structure”).

2. Cabinet authorised the drawn down of expenditure of up to £2m to fund the procurement activity which will include the project team and professional advisors. This sum will to be funded from the earmarked allocation within the 19/20 budget.

3. Cabinet delegated authority to Executive Director of Growth and Regeneration in consultation with Director of Legal and Democratic Services, Director of Finance (s151 Officer), Cabinet Member for Energy and Deputy Mayor for Finance, Governance and Performance for all matters relating to procurement of the strategic partner via a competitive process.

4. Cabinet authorised the Executive Director of Growth and Regeneration (in consultation with Director of Finance) to procure appropriate professional advisors to be funded from the City Leap procurement budget.

5. Cabinet approved the innovation funds of up to £2m to be utilised as City Leap enabling funds to prepare and demonstrate the opportunities which will arise from City Leap, and delegate the authority to Director of Finance (s151 Officer) in consultation with the Deputy Mayor for Finance for the phasing and draw-down these funds.

6. Cabinet approved in principle the approach of using the Council’s assets and resources outlined in Appendix G (exempt), Appendix H (exempt) and Appendix I (exempt) to drive optimum value during the JV procurement process.

7. Cabinet approved proposals for the creation of such entities (the legal structure to be determined) and the establishment of such governance arrangements as may be required for the City Leap Energy Partnership Structure, further details of which are set out in Appendix G (exempt), Appendix H (exempt), and Appendix I (exempt), and delegate authority to Director of Legal and Democratic Services in consultation with Deputy Mayor for Finance, Governance and Performance to determine the process for and to implement the above.

8. Cabinet noted that further report will be brought back to the Cabinet prior to the final appointment of prospective Strategic Partner(s). This report will include consideration and approval for any investments in, or transfer of assets into, the City Leap Partnership Structure, along with the financial and legal terms therein.