Decision details

LCR87 Appointment of the Fund Advisor for the LCR Urban Development Fund

Decision Maker: Liverpool City Region Combined Authority

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

The Combined Authority will be asked to approve the appointment of the Fund Advisor to support the deployment of the new LCR Urban Development Fund, which comprises £25m of ERDF funding. The commissioning budget is c. £900k - £1.8m. which is in excess of the £0.5m revenue limit. The Fund Advisor, and the fund will develop their activities across the City Region

Decision:

The Liverpool City Region Combined Authority agreed that:-

 

(i)         a budget of up to £1,415,395 for the Fund Advisory Fees until the end of the contact on 31 December 2023 be approved;

 

(ii)        the appointment of Igloo Regeneration Limited (Company Registration Number 4057460) as Fund Advisor and set out the clear recommendations from the report which should be action focused and time bound be approved; and

 

(iii)       delegated authority be approved to the Director of Commercial Development and Investment, in consultation with the Monitoring Officer and the Combined Authority Treasurer, to finalise the terms of any legal documents, and enter into any legal agreements necessary to secure the services of a Fund Advisor to be created directly by the LCR UDF (GP) Ltd, the special purpose vehicle created to deliver the LCR UDF.

Publication date: 09/09/2019

Date of decision: 06/09/2019

Effective from: 14/09/2019

Accompanying Documents: