Agenda and draft minutes

Cardiff Capital Region Cabinet - Friday, 14th July, 2017 10.30 am

Venue: Ty Dysgu

Items
No. Item

1.

Welcome and Apologies

Minutes:

Cllr Morgan welcomed colleagues to the meeting and a short recess was agreed for an updated Regional Cabinet photograph to be taken.

 

2.

Declarations of Interest

Minutes:

There were no declarations of interest made on items on the meeting agenda.

 

3.

Proposed Calendar of Future Public Meetings 2017-2018

Minutes:

It was agreed that dates for the public quarterly meetings for Regional Cabinet would be set, moving from a Friday to a Monday in future. Programme Management Office would circulate proposed dates to all Authorities to be agreed and that future public meetings would rotate to take place in the Council Chambers amongst the partner Authorities.

 

4.

Regional Economic Growth Partnership pdf icon PDF 116 KB

Additional documents:

Minutes:

The Regional Cabinet considered a report on behalf of Councillor Huw Thomas:-

 

1.         To approve the composition of the Regional Economic Growth Partnership.

2.         To delegate authority to officers to establish the Regional Economic Growth Partnership and to undertake the recruitment process.

3.         To agree funding for the Regional Economic Growth Partnership.

 

RESOLVED: it was agreed that Cardiff Capital Region Joint Cabinet:

 

a)    Approved the proposal attached as Appendix 1 to the Report outlining the principles and composition of the Regional Economic Growth Partnership (‘REGP’).

 

b)    Delegate authority to the Chief Executive of Cardiff Council, in consultation with the City Deal Programme Director and the Accountable Body (i) to undertake the recruitment exercise for the appointment of the Chair and the Board members of the REGP and (ii) to report back to Cabinet with recommendations as to the most suitable candidates to appoint, for Cabinet’s approval.

 

c)    Delegate authority to the Chief Executive of Cardiff Council, in consultation with the Chair of the Cardiff Capital Region Cabinet and the lead member for the Regional Economic Growth Partnership, to select the appointment panel referred to in this report

 

d)    For this and the next financial year, allocate funding of up to £30,000 per annum to support the establishment of the Regional Economic Growth Partnership, with ongoing financial support for the REGP being considered by the Regional Cabinet when setting its Annual Budget.

 

e)    Delegate authority to the Chief Executive of Cardiff Council to determine the remuneration package for the Chair in consultation with the Chair of the Regional Cabinet and the lead member for the Regional Economic Growth Partnership.

 

5.

Cardiff Capital Region Compound Semiconductor Project – Special Purpose Vehicle Report pdf icon PDF 155 KB

Appendices 1, 2, and 3 of this report are not for publication as they contain exempt information of the kind described in paragraphs 14, 16 and 21 of parts 4 and 5 of Schedule 12A to the Local Government Act 1972

Minutes:

There is a Confidential Appendix to this minute which is exempt from publication as it contains exempt information of the kind described in paragraphs 14, 16 and 21 of parts 4 and 5 of Schedule 12A to the Local Government Act 1972)

 

Cllr Morgan advised colleagues to note in reference to Agenda Item 5, that Appendices 1A, 1B, 2A, 2B, 3 and 4 of this report were not for publication as they contain exempt information of the kind described in paragraphs 14, 16 and 21 of parts 4 and 5 of Schedule 12A to the Local Government Act 1972.

As such, should colleagues with to discuss matters within those Appendices, members of the public would have to withdraw while that discussion takes place and will be asked to return to hear a summary and the final decision of the Cabinet.

If anyone wished to formally move that the public be withdrawn, colleagues were asked to make that clear so the proposal can be seconded and moved and formally recorded in the minutes. The proposal was moved and members of the public were asked to leave proceedings.

The Regional Cabinet considered a report on behalf of the City Deal Programme Director:-

1.        To seek approval of the Regional Cabinet to establish a Special Purpose Vehicle (SPV) to deliver the Compound Semiconductor Project (CSC Project).

2.        To consider and agree the required details necessary to establish the SPV including such matters as scope, objectives, name, shareholder arrangements and composition of the Board.

 

 

 

 

 

RESOLVED: it was agreed that Cardiff Capital Region Joint Cabinet:

 

   a)

Establish a Special Purpose Vehicle Company Limited by Shares as detailed in the SPV Options Appraisal report contained in Appendix 1B;

b)

Agree to name the Special Purpose Vehicle Company ‘CSC Foundry Ltd’ – ‘LDC Ffowndri Cyf’[1].

 

c)

Approve the Shareholders’ Agreement related to ‘CSC Foundry Ltd’, as detailed in Appendix 2B;

 

d)

Request each authority appoint a Director to sit on the ‘CSC Foundry Ltd’ Company Board;

 

e)

Agree that for the purposes of the CSC Project the Lead Authority continues to be Monmouthshire County Council, and delegate to the Chief Executive Officer of that Authority, in consultation with the Regional Cabinet Chair and Programme Director, the power:

 

 i.       Deal with all matters pending formation of the SPV; and

ii.       Thereafter all matters that fall to the Lead Authority as set out in the Shareholders’ Agreement and any matters that are required to facilitate the CSC Project and fall outside the remit of the SPV provided the delegation is executed within the remit of the financial commitment approved.

 

f)

Agree that the Lead Authority enter into a direct payment guarantee with the Welsh Government as detailed in 8.9 of the Shareholders’ Agreement related to ‘CSC Foundry Ltd’; and

 

g)

That the CCR Programme Director, in consultation with the Lead Authority, SPV and Accountable Body, report to Regional Cabinet, at the appropriate time, for decisions on any changes to  ...  view the full minutes text for item 5.

6.

Cardiff Capital Region Compound Semiconductor Project – Update on Outstanding Matters pdf icon PDF 148 KB

Appendices 1, 2, and 3 of this report are not for publication as they contain exempt information of the kind described in paragraphs 14, 16 and 21 of parts 4 and 5 of Schedule 12A to the Local Government Act 1972

Minutes:

There is a Confidential Appendix to this minute which is exempt from publication as it contains exempt information of the kind described in paragraphs 14, 16 and 21 of parts 4 and 5 of Schedule 12A to the Local Government Act 1972

 

Cllr Morgan advised colleagues to note in reference to Agenda Item 6, that Appendices 1-6 of this report were not for publication as they contain exempt information of the kind described in paragraphs 14, 16 and 21 of parts 4 and 5 of Schedule 12A to the Local Government Act 1972.

 

As such, should colleagues with to discuss matters within those Appendices, members of the public would have to withdraw while that discussion takes place and will be asked to return to hear a summary and the final decision of the Cabinet.

 

If anyone wished to formally move that the public be withdrawn, colleagues were asked to make that clear so the proposal can be seconded and moved and formally recorded in the minutes. The proposal was moved and members of the public were asked to leave proceedings.

 

The Regional Cabinet considered a report on behalf of the City Deal Programme Director:-

 

1.

To provide an update on the Compound Semiconductor (CSC) Project, following receipt of approval by the Region Cabinet, on 2 May 2017, subject to specific issues being successfully resolved.

2.

To note a change in the overall financial commitment required for the project.

 

3.

To confirm that sufficient progress has been made on the outstanding issues to allow the CSC Project to proceed and for the funding to be released.

 

 

RESOLVED: it was agreed that Cardiff Capital Region Joint Cabinet:

 

a)

Agree the increase in the required project cost to £38.5m as detailed in Appendix 3 of the Report;

 

b)

Agree that sufficient progress has been made on those matters to which the Regional Cabinet decision on CSC Project on 2nd May 2017, was subject to, and confirm that the CSC Project should proceed.

 

 

c)

Authorise the Accountable Body to release funding to the SPV, up to £38.5m, in tranches as requested by the SPV and in accordance with the financing and loan provisions detailed in sections 7 and 8 of the SPV Shareholders Agreement attached in Appendix 6 of the Report.