Independent Assessment of applications to the Liverpool City Region Single Investment Fund - Framewo...

The devolution deal between Liverpool City Region Combined Authority (LCRCA) and Government, agreed on 17 November 2015, secured a commitment to establish a Single Investment Fund (SIF) for the Liverpool City Region (LCR). The SIF brings together local and national funds with those secured through devolution (£30m per annum). The fund will help to deliver the City Region’s targets for growth and secure long-term prosperity for our residents and businesses.
The recently published Single Growth Strategy ‘Building Our Future’ provides a framework to guide investment decisions. With a focus on business development, research and development, innovation, skills, infrastructure and homes, the SIF will be aligned with the three Pillars in the Growth Strategy – Productivity, People, Place - and the priorities of our local, regional and national partners.
A key objective of the SIF assurance framework is to support the LCR CA/Mayor in assessing whether potential investments offer good value for money (VfM) and have the capacity to generate and deliver the growth objectives set out in the Growth Strategy. LCR CA is seeking to set up a framework contract for independent assessment of business cases for projects seeking funding from the Single Investment Fund. The first applications, in the form of a Strategic Outline Case, are expected on 9 December 2016. Subsequent Outline Business Cases and Full Business Cases will also require assessment.
Independent assessors will be required to produce an appraisal report which contains the following:
• An assessment against the core and hurdle criteria, presenting the evidence to support the scoring received for each criterion.
• a clear recommendation as to whether the applicant’s project should move to the next stage of consideration i.e. from SOC to OBC or OBC to FBC, and where necessary, highlight where the applicant should further develop detail in the next iteration of their business case, and in the event that the application is rejected then the recommendation should also be clear and evidenced.