Overview May 2018 1 New MLX Funding On the 22 nd March 2018 the - PowerPoint PPT Presentation

PMC 2018/19 Programmes Overview May 2018 1

New MLX Funding On the 22 nd March 2018 the LEP was advised by BEIS that the funds originally allocated to the Metropolitan Line Extension would be retained by the LEP and if the project does not go ahead can be spend on other projects. The profile has been amended slightly due to the delays in the MLX project. The total funding of: £37,650,000 Year New to Growth Deal Original Growth Deal 2018/19 16,200,000 5,830,000 2019/20 10,000,000 5,500,000 2020/21 120,000 Total 26,200,000 11,450,000 2

Available Growth Deal Funding 2018/19 (£42.5m) Inc new £26,200,000 from MLX. £45,000,000 Due to the potential £40,000,000 extra MLX funding the £35,000,000 LEP could have, £30,000,000 2018/2019 is now LEPs biggest year to £25,000,000 date in terms of £20,000,000 available spend. £15,000,000 £12,840,432 £12,840,432 £13,836,191 £13,836,191 £33,455,875 £33,455,875 £26,385,327 £42,585,327 £19,765,956 £29,765,956 £27,274,460 £27,274,460 £10,000,000 £42,585,327 to spend £5,000,000 in this financial year. £0 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Original Funding Profile Post MLE Funding Profile 3

BEIS GD funding profile vs Indicative Spend Profile Change to additional MLX funding, GAF ring-fence and evergreen ring-fence removal. £50,000,000 £180,000,000 £45,000,000 £160,000,000 £40,000,000 £140,000,000 £35,000,000 £120,000,000 £30,000,000 £100,000,000 £25,000,000 £20,000,000 £80,000,000 £15,000,000 £12,840,432 £13,836,191 £15,875,819 £33,455,875 £42,585,327 £14,862,166 £29,765,956 £46,008,605 £27,274,460 £17,804,723 £11,012,884 £60,000,000 £6,507,212 £159,758,241 £112,071,408 £10,000,000 £40,000,000 £5,000,000 £20,000,000 £- 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 £- Total BEIS Indicative 4

Current Spend 5

2018/19 Growth Deal Programme Expected Project Total Project Comment (£) (£) A602 Improvements 2,060,000 18,490,000 On programme to deliver West Herts College - Dacorum Campus Phase II 500,000 5,100,000 A10 Buntingford Roundabout 76,940 1,463,440Requires board approval Essex Road Hoddesdon 895,000 6,372,549 On programme to deliver Hatfield MSCP - Grant 1,198,146 6,000,000 Stevenage SG1 Land Assembly 6,150,000 8,000,000 Stevenage SG1 Public Realm 895,100 3,000,000 Stevenage Theatre Relocation 900,000 1,500,000 University of Herts Business Hub 1,560,000 2,500,000 TOTAL 14,235,186 6

Pipeline Chairs Panel will be considering the following to ensure the LEP is prepared to use any future funding is it becomes available. Project Name 2018/19 forecast 2019/20 forecast 2020/21 forecast Total Broadband Phase II 500,000 0 0 500,000 Old River Lane, Bishop’s Stortford - EHDC 5,620,000 4,000,000 0 9,620,000 EZ Infrastructure Interventions 80,000 266,000 340,000 686,000 SME Expansion Grant - HLEP 125,000 1,100,000 1,275,000 2,500,000 Watford – infrastructure and place shaping 850,000 3,978,000 0 4,828,000 improvements: ’THE ROAD TO SUCCESS’ Hemel Hempstead Campus Building Expansion 450,000 450,000 0 900,000 - WHC BRE Open Innovation Hub EZ Loan 0 3,000,000 0 3,000,000 SEF 4 2018/19 1,000,000 0 0 1,000,000 TOTALS 8,625,000 12,794,000 1,615,000 23,034,000 7

If all proposed spend goes ahead Scenario – £70,000,000 £180,000,000 £160,000,000 £60,000,000 £140,000,000 £50,000,000 £120,000,000 £40,000,000 £100,000,000 £30,000,000 £80,000,000 £20,000,000 £60,000,000 £12,840,432 £11,012,884 £11,012,884 £13,836,191 £15,875,819 £15,875,819 £33,455,875 £42,585,327 £14,862,166 £23,487,166 £29,765,956 £45,308,605 £57,652,605 £27,274,460 £17,804,723 £19,419,723 £6,507,212 £6,507,212 £159,758,241 £111,371,409 £134,405,408 £40,000,000 £10,000,000 £20,000,000 £- 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 £- Total BEIS Indicative Potential 8

Summary 9

Questions on Growth Deal? 10

Growing Places Fund Finances - GPF ring-fenced funds all removed at the last board and all applicants must reapply for funding. GPF Capital Revenue TOTAL Start (2012) £15,000,000 £1,000,000 £16,217,000 Spent (Pre 2017) -£8,500,000 -£1,576,932 -£10,293,932 HCC Swap -£6,500,000 £6,500,000 £0 Loan repayment £1,000,000 £0 £1,000,000 Sub total (inc £1m Cap income) £1,000,000 £5,923,068 £6,923,068 Total committed Spend (2017-2021) -£500,000 -£339,810 -£839,810 SUB TOTAL available funds £500,000 £5,583,258 £6,083,258 Skills and Apprenticeship Hub £0 -£255,000 -£255,000 Herts LEP SME Loan Scheme -£4,000,000 -£4,000,000 SUB TOTAL if approved £500,000 £1,328,258 £1,828,258 Watford Re-payment (2020) £7,500,000 £0 £7,500,000 New Forecast Total £8,000,000 £1,328,258 £9,328,258 Proposed: Removed: • • Medtech Accelerator - £500,000 Skills and Apprenticeship Hub - £255,000 • • GAF Admin fund – £120,000 SME Business Expansion Loan - £4,000,000 • Broadband Phase 2 - £500,000 Capital • Visit Herts Project Fund - £150,000 11

Questions on Growing places fund? 12