Health Innovation Campus Growth Deal Funding Approval
Decision status: Recommendations approved
Is Key decision?: No
Graham Cowley, Chair of Growth Deal Management Board, presented a report (circulated) that requested LEP Board approval to the Health Innovation Campus Growth Deal Funding application.
Resolved: The LEP Board approved the following provisions relating to a maximum Growth Deal funding approval of up to £17M towards Lancaster University's Health Innovation Campus project:
i. A funding approval of up to £17M is given subject to Lancaster University identifying alternative sources of funding or exploring the possibility of scaling down or re-phasing the project in the event that European Structural and Investment Funds (ESIF) are unavailable;
ii. That approval be given to an initial drawdown of a maximum of £1.5M of Growth Deal funding, prior to ESIF or alternative funding having been secured, which will be subject to clawback provisions in the Grant Funding Agreement (GFA);
iii. That in the event of further clarity regarding secured funding for the project not being provided by the end of Quarter 1 2017/18, the Growth Deal Management Board will undertake a review of the project and inform the LEP Board of its findings;
iv. That the Growth Deal Management Board receive further updates in relation to any requirements for the clawback of Growth Deal funding or the scaling down/re-phasing of the project in the event that reduced funding is secured; and
v. That the Growth Deal Management Board receive an update on the Health Innovation Campus project at each future meeting.
Report author: Kathryn Molloy
Date of decision: 08/11/2016
Decided at meeting: 08/11/2016 - Lancashire Enterprise Partnership Limited