Agenda item

RESOLVED: that the progress to date and the estimated timescales to get the full agreement of all parties to complete the City Deal be noted

The Cabinet received an update on the progress of the Cardiff Capital Region local authorities in developing and securing a City Deal with the Welsh and UK Governments. It was reported that the City Council, in partnership with the other Cardiff Capital Region local authorities, was negotiating with the Welsh and UK Governments to secure a significant investment of up to £1.28bn, in projects that will have a very positive impact on the economy of the Region. The majority of the funding provided by the UK Government through the City Deal process would be by a payment by results mechanism based on increases in agreed economic outputs for the Region. It was noted that whilst the current funding scenarios are indicative, there will inevitably be a financial contribution required from local government. The comments from the Economy and Culture Scrutiny Committee were circulated.

RESOLVED: that the progress to date and the estimated timescales to get the full agreement of all parties to complete the City Deal be noted