Decision details

Kathryn Molloy, Head of Service LEP Coordination, Lancashire County Council, presented a report (circulated) regarding the establishment of a 'Fund of Funds' including attracting Capital Investment. 

Approval was sought to review the LEP's current approach to managing and deploying its Growing Places Investment Fund, including giving consideration to the establishment of a 'Fund of Funds'.  In addition, approval was sought to promote funds available in Lancashire in a cohesive manner, as part of Lancashire's wider investment offer, and to help develop new approaches to attracting and leveraging further private investment.

Resolved:  The LEP Board

(i)  Noted the contents of this report;

(ii)  Authorised officers, with the support of external consultants, to review the Growing Places Investment Fund approach and consider the establishment of a 'Fund of Funds' including reviewing the provisional £10M provisional allocation within Lancashire's ESIF programme towards development finance;

(iii)  Agreed to appoint external consultants to work with officers and representatives from the Department for International Trade (DIT), to establish an approach to securing external investment to support the delivery of existing and emerging LEP economic priorities where there are funding and investment gaps available;

(iv)  Agreed to receive a report at a future meeting which sets out options on the above proposals; and

(v)  Approved officers to promote the variety of funds available in Lancashire in a cohesive manner alongside Lancashire's investment offer, primarily