Growth Deal 3
Update: 27 June 2017
Following a reprioritisation process undertaken by the LEP Investment Panel, the LEP Board has, at its meeting on 24 May 2017, endorsed a number of potential Growth Deal 3 projects to be invited to the next stage which involves the submission of detailed business cases.
These are due to come back in July and August, when they will be assessed in detail by independent due diligence, this will make a recommendation to the LEP Investment Panel to fund or not - and then the Panel will make a recommendation to the LEP Board for final decision. Depending on when business cases are returned LEP Boards in September and November will make these final decisions.
All other projects that were on the previous shortlist have had letters explaining that they have not been successful this time and at the same time been offered the opportunity to come back on their project, confirm its current status and to discuss with us, if appropriate other potential up-coming funding support provision.
Update 10 March 2017
On 23 February 2017 the Government announced that Cornwall and the Isles of Scilly are to receive £18.03 million of Growth Deal 3 investment from its Local Growth Fund.
The CIOS LEP was encouraged to make an ambitious bid under Growth Deal 3 and therefore the original submission to Government totalled £127m. The settlement is significantly less than asked for but in reality the £1.8 billion Local Growth Fund was three-times over-subscribed nationally. What we have been awarded is, per capita, on a par with many other LEPs. Further details of the CIOS LEP’s response to £18m Local Growth Fund allocation can be found in a Press Release on our website.
The CIoS LEP Board will be considering the outcome and impact of receiving an £18m Growth Deal 3 allocation as part of its meeting on 15 March 2017. Through the CIOS LEP Investment Panel a process is now underway to review the original programme of investment and reprioritise the Growth Deal 3 spending plans to take account of the allocation.
A number of key priority projects will be identified from the original shortlist for consideration at the next meeting of the Investment Panel on 24 March 2017. Subject to the outcome of this process it is anticipated that some projects will be invited to the next stage which involves the submission of detailed business cases and evaluation thereof.
On completion of the reprioritisation process, the LEP will write to all applicants regarding the status of their submission and will reflect those projects selected to go forward to full business case submission. In the meantime the CIoS LEP continues to explore any potential alternative funding sources.
The revised timescales can be seen below:
- 23 November 2016 – The expected announcement of Growth Deal awards by Chancellor of the Exchequer in the Autumn Statement was postponed
- 23 February 2017 – Government announced that CIOS LEP are to receive £18.03 million of Growth Deal 3 investment from its Local Growth Fund
- 15 March 2017 – CIOS LEP Board meeting to consider the outcome and impact of receiving an £18m Growth Deal 3 allocation
- 24 March 2017 – CIOS LEP Investment Panel meeting to consider initial priority projects to be invited to submit detailed business cases following reprioritisation of the Growth Deal 3
- Late March 2017 – CIOS LEP will write to all applicants regarding the status of their submission and will reflect those projects selected to go forward to full business case submission.
Update: 3 August 2016
Here is our Growth Deal submission along with an Executive Summary, it follows an open process that commenced in September 2015. Our submission is part of a competitive process involving all 39 Local Enterprise Partnerships (LEPs) in England. The submission builds on our previously successful Growth Deal 1 and 2 bids, which provided many of the foundations for this Growth Deal 3 submission to deliver further economic impact.
Our Growth Deal 3 programme of investments was submitted to government on the 28 July and we are anticipating that we will receive notification of our award through the Chancellor’s Autumn statement. Our programme is subject to change as and when we receive feedback from government. We are asking for £126.94m, which would lever in an additional £186.43m to complete the cost of the programme. In total this would unlock almost 10,000 new jobs, provide 12,000 people with improved skills or an apprenticeship, create 43,000sq m of new workspace and help deliver 4,400 new homes.
We anticipate launching our full business case submission process immediately after receiving our Growth Deal award from government (anticipated November 2016). Over the coming weeks we will be refining our governance processes needed for the full business case submissions and appoint an independent third party to carry out the evaluation and assessment process on behalf of the LEP Board.
For commercial confidentiality reasons, given the high number of private-led initiatives, we will not publish the full detail of projects that make up our Growth Deal 3 programme, until projects have received their grant offer letter.
Update: 14 June 2016
We have now received further guidance from government which sets out the timetable that we are required to work too. These timelines can be seen below:
- 15 June 2016 – LEP Investment Panel meet to review our Growth Deal 3 proposal
- 23 June 2016 – LEP Investment Panel sign off the draft Growth Deal 3 proposal
- 24 June 2016 – draft Growth Deal 3 proposal submitted to government
- 5 July 2016 – LEP Chair and CEO brief Cornish Peers and MP’s on content of proposal
- 5/6 July 2016 – Ministerial Challenge Session on our Growth Deal 3 proposal
- 28 July 2016 – Final Growth Deal 3 proposal submitted to government
- August through to October 2016 – Government will undertake a value for money exercise on the 39 LEP Growth Deal 3 submissions
- November 2016 – Chancellor of the Exchequer announces Growth Deal awards in his Autumn speech
- 2017 (date to be confirmed) – Commence the full business case process
Along with the timetable, government also announced that the programme will be Capital only and the funding programme will be back loaded, therefore making majority of funds available in 2019/20 and 2020/21. This has necessitated a further review of projects that were heavily ‘Revenue ask’ and projects that were looking to deliver over the next 18/24 months. Applicants who have fallen into the category of ‘Revenue ask’ and delivery over the next 18/24 months have been contacted and appraised of the situation.
Finally, we remain ambitious with our proposal and will over the coming weeks continue to challenge individual projects over deliverability and value for money matters, all of which will be tested when we enter into the Ministerial Challenge Session.
Update: 12 April 2016
Last month, as announced in the Spring statement, the Chancellor confirmed that up to £1.8 billion will be allocated for a further round of Growth Deal investments and this allocation is likely to be split across the 39 LEPs in England. Unfortunately, we continue to wait for full details from government regarding eligibility, funding spend profiles and programme timetable, before we can launch the next stage of our Growth Deal 3 process.
We do understand that for those projects who have made it through to the next phase, this delay is frustrating and in some cases may be jeopardising project delivery. However, to commence the next stage process without receiving the full funding programme details, could create applicants unnecessary time, effort and money that may fall foul of funding criteria rules. Once we have received guidance from government, we will issue a statement through our website giving programme details along with proposed timelines.
Update: 11 November 2015
The Growth Deal EOI application process has now closed. The CIOS LEP would like to thank all those who have submitted an EOI.
We expect to assess the EOIs over the coming months, which may include external expertise to support the independent appraisal and prioritisation process. During the appraisal process, there may be a requirement for the LEP team to contact applicants to seek clarification on their submitted application. Apart from seeking any clarifications, the LEP will not be able to discuss individual EOIs, until the appraisal process is complete and a draft consolidated bid is put to the LEP Board for sign off. On completion of the appraisal process, the LEP will write to all applicants regarding the status of their submission and will reflect those projects selected to go forward to full business case submission.
The LEP will publicise the full requirements for those projects selected to be taken forward to produce a full business case submission, along with the opportunity to consult with the LEP, should the need arise.
Those projects which do not go forward for the Growth Deal 3 programme, will be either ‘signposted’ across to an appropriate active funding programme, or, will be held as a ‘live project’ for further rounds of Growth Deal, or, other funding opportunities be announced.
Growth Deal announcement 29 September 2015
LEP invites expressions of interest for next round of Growth Deal funding
The Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) has issued an appeal for projects that could benefit from the Government's next round of Growth Deal funding.
The LEP and Cornwall Council have already secured more than £60 million of investment from two Growth Deals that will attract a further £150 million of private investment, creating some 4,000 jobs and helping to deliver around 6,000 new homes by 2021.
The Government is expected to announce a third round of Growth Deal funding before the end of the year, and the LEP wants to make sure it has a pipeline of potential projects to put forward for bids.
The money comes from the Government's Single Local Growth Fund which is designed to give regions the power and money to unlock local growth and development.
Speaking at Cornwall Expo 2015 at Newquay Cornwall Airport, LEP chief executive Sandra Rothwell said: “We've been very successful in previous rounds and this is a competitive process with other regions so we are issuing a call for projects that could benefit from Growth Deal funding, or other potential funding opportunities.
“We still don't know how much money will be available and we can't guarantee that projects will be funded, but we want to be ready.
“We welcome expressions of interest from any public, private or third sector organisation that has a project with the potential to deliver high quality economic growth in Cornwall and the Isles of Scilly. This is for capital and revenue projects with a minimum grant funding request of £100,000.”
To submit an expression of interest applicants will need to fill out an expression of interest form for their project. Members of the LEP team are available to discuss potential projects.
The closing date for expressions of interest is 6th November 2015. The LEP will then shortlist projects that could be put forward for support as part of any future Growth Deal bid to the Government.
Check out the LEP Investment Template here