Coventry City Council has been chosen to oversee the allocation of nearly £38 million of Government funding which is set to boost economic growth across the region.
The Coventry and Warwickshire Local Enterprise Partnership (LEP) has secured public funding for economic growth and development in the sub-region via £24.4 million from the Regional Growth Fund (RGF), £12.8 million from the Growing Places Fund and £0.625 million of LEP Core Funding.
Legally, a local authority is needed to act as the accountable body for the funds and it is set to be recommended that Coventry City Council takes that role when the matter is discussed at the next Cabinet and then full Council meeting.
Cllr Lynnette Kelly, Cabinet Member (City Development) at Coventry City Council and Board Lead of the LEP Planning Business Group, said this was another step towards releasing the funding to stimulating jobs, investment and economic growth in Coventry and Warwickshire.
“CW LEP has been successful in securing nearly £38 million from the Government for activity designed to promote economic development which is fantastic news,” she said.
“But a local authority is needed to act as the accountable body because its financial and monitoring systems will safeguard this public money.
“Coventry City Council has been asked to take on the role and act as guarantor for all three schemes.
“We have well established procedures for handling public funds to ensure the best possible value is achieved.
“These initiatives will unlock economic opportunities across the sub-region which will lead to the creation of jobs which is great news for everyone who lives and works in the area. We look forward to working closely with the LEP.”