GPF Round 3 Prioritisation
GPF funding available for reallocation GPF funding available for reallocation based on agreement repayment schedules, taking into account: identified repayment risks and a 15% margin to help mitigate risk to the availability of GPF funding should repayments not be made as scheduled
GPF Prioritisation Process The GPF prioritisation and award process will take place in three stages. Stage 1 – Federated Area assessment, sifting and banding of projects by Strategic Fit - based on the Expression of Interest Stage 2 – Independent Technical Evaluation assessment and scheme prioritisation by SELEP Investment Panel – based on the Strategic Outline Business Case Stage 3 – SELEP Accountability Board funding decision
Stage 1 – Federated Area assessment, sifting and banding of projects Banding of GPF projects by Federated Areas – based on Strategic Fit Band Description A - Very strong fit with SELEP and local economic growth objectives. Highest priority projects for the Federated Area - Investment will have direct impact in creating new jobs and/or homes through enabling a specfic named Considered as a very development, safeguarding jobs and/or will deliver skills benefits high priority for the - Presents an overwhelming case for investment respective Federated - Meets all the eligibility criteria and no showstopper issues or risks have been identified Area B - Strong fit with SELEP and local economic growth objectives - Investment will have direct impact in creating new jobs and/or homes through enabling a specific named Projects have been development, safeguarding jobs and/or will deliver skills benefits supported by the - Presents a compelling case for investment respective Federated Area - Meets all the eligibility criteria and no showstopper issues or risks have been identified C - Aligns with SELEP and local economic growth objectives - Investment will have direct impact in creating new jobs and/or homes through enabling a specific named Projects have been development, safeguarding jobs and/or will deliver skills benefits supported by the - Presents a compelling case for investment respective Federated - Meets all the eligibility critera and no showstopper issues or risks have been identified Area Projects in Bands A, B and C are eligible to progress to Stage 2. All other projects will not progress any further through the process.
Stage 1 – GPF eligibility criteria All projects put forward for GPF investment must: • Align with SELEP’s objective to support economic growth • Require capital loan funding investment • Be seeking between £250,000 and £3,500,000 of investment • Identify benefits, which are expected to exceed the project costs • Demonstrate an ability to deliver the project following the legal requirements for investment of public funds • Be able to demonstrate an ability to repay the GPF loan by 31 st March 2026 • Receive support from the respective Federated Board and the lead County/Unitary Authority
Stage 2 – Scheme prioritisation across SELEP ITE Assessment of Strategic Outline Business Cases Section of Business Case Requirements Need for intervention Promoters should clearly set out the need for public sector intervention Promoters should justify the total cost of the project including any assumptions made, the Viability GPF required, the additional sources of funding and how secure they are Promoters should provide evidence of the planning status, any additional approvals Deliverability required, the property ownership and any legal requirements that might delay the project or benefits realisation Promoters should show the impact that the project is likely to have, the extent to which Expected benefits the stated projects benefits are dependent on the delivery of the GPF project and the scale of benefits Promoters will need to explain how quickly the project benefits will be realised once the Pace of benefit realisation investment has taken place Contribution to the establishment of a Promoters will need to provide evidence of how they intend to repay the loan, together revolving fund with an anticipated timetable for repayment by 31st March 2026 All areas of the Business Case will be assessed using a Red-Amber-Green system
Stage 2 – Scheme prioritisation across SELEP • The Investment Panel will meet to agree the priorities for the investment of the available GPF funding • Investment Panel will be presented with information on: • The amount of GPF funding available; • The banding and assessment of the Strategic Fit by the Federated Areas; • The ITE assessment of the need for intervention, viability, deliverability, expected benefits, pace of benefit realisation and contribution to the establishment of a revolving fund; • Federated Board written comments on the ITE assessment • A greater weighting will be placed on the Strategic Fit of the projects, as determined by Federated Areas.
Proposed timescales for GPF prioritisation Approval of GPF prioritisation approach by Strategic Board 4th October 2019 Launch of GPF funding round - Open call for projects 7th October 2019 Potential scheme promoters to make initial contact with Federated Area leads 18th October 2019 Expression of Interest submission to Federated Area leads 1st November 2019 Stage 1 Review of Expression of Interest by Federated Areas November 2019 Federated Board decision on schemes to be nominated to SELEP 6th December 2019 Strategic Outline Business Case submission to SELEP 24th January 2020 Completion of SELEP ITE Business Case review February to March 2020 Stage 2 ITE attendance at Federated Board meetings March 2020 Written comments from Federated Areas submitted to SELEP 27th March 2020 Investment Panel meeting to agree GPF pipeline April 2020 Stage 3 Accountability Board meeting for final funding decision 2020/21
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