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1.    
That the refined components of the
Green Innovation Corridor (GIC) programme under the Local
Regeneration Fund (LRF), formerly Levelling Up Fund Round 3 (LUF3)
superseding all elements of the scheme previously reported, as set
out in section 4 of the report be approved.

 

2.    
That entering into a Grant Funding
Agreement (GFA) and any necessary ancillary legal agreement with
the University of Wolverhampton (UoW) for delivery of Block A,
Block B and the Science Park Substation, for the grant period to 31
March 2028 with a grant value of £11.1 million with output
and outcomes delivery date up to 31 March 2035 be
approved.

 

3.    
That the Council-delivered
components (Public Realm/Connectivity and Strategic Acquisitions)
and design and implementation activities in line with Contract
Procedure Rules and the LRF timetable be agreed.

 

4.    
That authority be delegated to the Director of City
Development, Section 151 Officer and the Chief Operating Officer,
in consultation with the Cabinet Member for City Development, Jobs
and Skills to undertake all necessary steps
to progress, negotiate and agree terms with relevant landowners for
the Strategic Acquisitions of Sites B, I, J to support the emerging
GIC Masterplan subject to Red Book valuation, business case and
legal due diligence.

 

5.    
That authority be delegated to the Director of City
Development, Section 151 Officer and the Chief Operating Officer,
in consultation with the Cabinet Member for City Development, Jobs
and Skills to approve the requirements of the Subsidy Control Act
2022 have been adhered to.

 

6.    
That the Chief Operating Officer
be authorised to negotiate, execute, seal and complete all
necessary legal agreements referenced in the report.

 

7.    
That the Government’s Funding Simplification changes be
noted: Pathfinder becomes Local Regeneration Fund (LRF), which now
includes LUF3, in a single pot; change control devolved to local
authorities by the way of Section 151 led assurance; long-stop date
of 31 March 2028 for defrayal of grants be noted. The Ministry of
Housing, Communities and Local Government (MHCLG) would issue for
sign off a new Memorandum of Understanding (MOU) in late 2025/early
2026 which would be LRF place based covering this GIC Programme, Capital Regeneration
Project and Pathfinder Programme, superseding all previous
MOUs.

 

8.    
That the intent for the Council to notify MHCLG of the varied
scheme as detailed in the report once approved be noted.