“As part of the ongoing development of the EZ we are delighted to announce a package of loans and funding to enable schemes to get off the ground, acknowledging the challenge developers currently face in accessing finance” Chris Webster, GBSLEP Board Director and EZ Champion
The Local Enterprise Partnership (LEP) and Birmingham City Council (BCC) have approved a £15m Site Development Access Fund) (SDAF).
The SDAF will provide a mixture of loans and grants to prospective property developers, to overcome barriers to enable real estate opportunities to be brought forward to enable progress on the ground quickly. The focus will be on those sites that can generate business rate growth and employment opportunities by 2017/18 during the current Investment Plan period. The maximum amount of funding available per application is £5 million.
There is a one off opportunity to bid for funds from the SDAF. The application process opens on 10th February 2014. Funding will be awarded to successful applicants by the end of May 2014.
Please note, that the deadline for submitting Expressions of Interest has been extended to close of play on Monday 3rd march 2014.
Further details about the application process, including the application forms are provided below.
The following form must be completed to submit an Expression of Interest application.
Other relevant documents, including the Full Application form and the key terms of the funding agreement will be made available soon.
Applications need to be subbmitted to Simon Garrad at email@example.com
- Proposals must be located within an Enterprise Zone site
- Projects must included uses capable of generating Business Rates income.
- Applicants which form Special Purpose Vehicles to deliver a project must have an adequate guarantor in place.
- Paradise Circus and Southern Gateway are excluded due to other funding committments.
- Projects which are seeking gap funding will need to be state complient.
- Capable of Funding Agreement being completed by June 2014.
There are two key stages to the application process:
- Expression of Interest
- Full Application
A decision will be made by the LEP based on information submitted within these applications. Due diligence checks will be undertaken by Thomas Lister Limited Chartered Surveyors during the application process.
Applications will be assessed against the following criteria:
- Business Rates Generated
- Value for Money
- Strategic Objectives.
- 10th February – Expressions of Interest (Eol) application process opens.
- 3rd March – Eol application deadline close of play
- 10th March – Full application process opens.
- 28th March – Full Application deadline 14:00.
- April – Application assessment
- 6th May – Decision made on which applications will receive funding.
- End of May / Summer 2014 – Contract awarded.
Timetable subject to changeat discretion of BCC
Please note, due to State Aid requirements ‘Large Companies’ need to have entered into contract to receive grant funding from the SDAF by the end of May 2014. Details of State Aid can be found here.
Large companies will be prioritised to ensure this deadline can be met, although they will not be favoured throughout the application assessment process. All successful applications will be contracted during Summer 2014
Queries relating to completion of the EoI should be addressed to Thomas Lister Limited Chartered Surveyors – Chris Thomas or Andrew Croot on 01527 871 640.