What is the Getting Building Fund?
The government have announced a £900 million Getting Building Fund to deliver jobs, skills and infrastructure across the country. This investment is being targeted in areas facing the biggest economic challenges as a result of the pandemic. It is supporting the delivery of shovel-ready infrastructure projects, agreed with mayors and Local Enterprise Partnerships to boost economic growth, and fuel local recovery and job.
In June 2020, Local Enterprise Partnerships were invited to put forward projects for the Getting Building Fund. Specifically, Government were looking for shovel-ready capital projects which can be delivered within 18 months.
The objectives of the funding are to drive up economic growth, jobs, and supporting green recovery, whilst also fitting into one or more of the below key priorities set out by Government;
- Town and City centre modernisation through infrastructure investments
- Physical connectivity
- Improvements to human capital
- Innovation ecosystem including improvements to R+D facilities
- Digital connectivity particularly in more isolated areas.
Coast to Capital has been successfully allocated £19.2 million Getting Building Fund across 12 projects. A full list of these projects can be found in the related resource section on the right hand side Please note, these are provisional amounts until they have had full scrutiny at the Investment Committee and Board. Full descriptions and the Business Cases will be available in due course under the projects section on the Coast to Capital website.
Prioritisation and Allocation
1.On the 10th June the LEP received a letter from the Secretary of State for Housing Communities and Local Government inviting submission of projects that will deliver in 18 months ('shovel ready').
2.On 11th June Coast to Capital wrote to all Local Authorities including district and boroughs and existing LGF delivery bodies asking them to complete the Government spreadsheet with the projects they wanted to put forward.
3.Coast to Capital received 117 applications, total ask of approximately £306million. All applications were thoroughly reviewed by a review team.
4.Coast to Capital were asked to rank the projects received. A full list of projects, together with a prioritised list totalling a funding ask of just under £40million was put forward to Government.
5.The £40million ranked list was decided via a scoring exercise against three weighted criteria; social value/worthiness, deliverability and strategic alignment with Government's and Coast to Capital's regional priorities.
6. Following the Government's announcement regarding the £900million for 'shovel ready' infrastructure projects, Coast to Capital received a letter on 30th June that it would be receiving up to £19.2million under the Getting Building Fund. Coast to Capital then wrote to all delivery bodies on the £40million list and asked for more information on their projects.
7. An emergency Investment Committee was held on 13th July to review, scrutinise and score the priority project list in order to arrive at a final submission within the £19.2million threshold.
8. A final submission of projects was submitted to Government on 17th July.
9. The projects listed in the £19.2million allocation have now completed Full Business Cases which will be scrutinised by an independent external advisor and the Investment Committee over the coming months using the criteria in the Coast to Capital Assurance Framework before entering into funding agreements.