Decision details

Northumberland Growth and Investment Endowment Fund Investment Framework

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

he purpose of the report is to set out and agree an investment framework for the Northumberland Growth and Investment Fund Endowment Fund.

Decision:

RESOLVED that Cabinet:

 

  1. Note the proposals in relation to the Northumberland Growth and Investment Endowment Fund;
  2. Endorse the Northumberland Growth and Investment Endowment Fund Investment Framework as set out in section 6 of this report;
  3. Approve the creation of an earmarked reserve into which any receipts relating to the NEP3 transaction will be paid;
  4. Note that the GIEF framework and any expenditure from the fund will be subject to Council approval in February 2025 as part of the budget and policy framework for 2025/56;
  5. Delegate authority to the Executive Director of Place and Regeneration to initiate detailed pipeline development in line with the Investment Framework set out in section 6 of this report; and
  6. Agree to receive a further report in advance of the fund launch in 2025/26 setting out a detailed programme approach to mobilisation of the Northumberland Growth and Investment Endowment Fund in line with the Investment Framework set out in section 6 of this report.

 

Report author: Maria Antoniou

Publication date: 11/06/2024

Date of decision: 11/06/2024

Decided at meeting: 11/06/2024 - Cabinet

Effective from: 17/06/2024

Current call-in Count: 0

Accompanying Documents: