Decision details

Freeports and Maritime Innovation and Growth Projects

Decision Maker: Economy Regeneration & Housing Committee

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes


Resolved – That


1.  Authority be delegated to the Director of Law and Governance (in consultation with the Director of Regeneration and Place, and the Director of Finance):


(a)  to negotiate, finalise and sign the Memorandum of Understanding (substantially in accordance with the draft set out in the exempt Appendix 2 to this report) relating to the terms, principles and practices that will apply to the working relationship between the parties regarding the delivery and administration of the Liverpool City Region Freeport.


(b)  To negotiate and complete any associated legal documentation which aligns with the principles set out in the proposed Memorandum of Understanding.


2.  The Business Case for establishing the Wirral Freeport Investment Fund be endorsed.


3.  Policy and Resources Committee be recommended:


(a)   that the Wirral Freeport Investment Fund is established from 1 April 2023 (or as soon as regulations designate the Wirral Waters Tax Site for business rates retention purposes) and is managed and operated according to the arrangements detailed within this report and accompanying Business Case and the principles set out in the draft Retained Business Rates Strategy which forms a component of the Memorandum of Understanding.


(b)  that growth in business rates above the baseline within the Wirral Freeport Tax Site is held to a ring-fenced reserve which would fund:


·  investment in approved projects and the future repayment of capital borrowing for investments made by the Wirral Freeport Investment Fund;


·  the annual costs required to resource the administration and management of the Wirral Freeport Investment Fund from financial year 2023/24;


·  the Council’s pro-rata annual contribution to the Liverpool City Region (LCR) Freeport Management Team costs from financial year 2024/25;


Publication date: 09/03/2023

Date of decision: 08/03/2023

Decided at meeting: 08/03/2023 - Economy Regeneration & Housing Committee

Effective from: 15/03/2023

Accompanying Documents: