ADD2600 Funding for Opportunity London

1.1    Opportunity London, a New London Architecture project, is supported by the Mayor of London, London Councils and the City of London Corporation; and is backed by a partnership of public and private-sector organisations committed to delivering good growth in London. It is delivered by New London Architecture in partnership with London Communications Agency and London & Partners. 

1.2    London continues to be one of the most attractive places in the world to invest and is uniquely placed to support international capital seeking well-governed and long-term environmental, social and commercial returns in a post-COVID, post-carbon world. However, challenges remain, and the Opportunity London project will create a new dynamic of engagement with global investors to ensure London continues to secure investment. 

1.3    Formally launched in July 2022, Opportunity London consists of a three-year coordinated events and communications programme, targeted at the international investment community. This programme will be led by a group of ‘London Ambassadors’, drawn from across the public, private and third sectors, and representing the diversity of skills and thought that underpins London’s success. 

1.4    A contribution of funding to support this work has been requested from all partners. A GLA allocation of £65,000 has been proposed from the Good Growth Directorate budget. These funds are uncommitted funds allocated to the GLA from the DLUHC to support regeneration investment programmes across London. This decision has been delegated to the Interim Head of Regeneration acting pursuant to powers delegated by the Mayor under cover of MD2692.

2.1    The primary objective of Opportunity London is to promote sustainable investment into real estate, regeneration and green infrastructure across London’s boroughs and communities. It will set out the economic development strategies and investment opportunities across London borough by borough, offering a showcase of the best development currently being brought forward.

Expected outcomes

2.2    Opportunity London will contribute to the sustainable growth of London by attracting and securing inward investment into the city. It will also help deliver homes, commercial space and additional enhanced greenspaces. 

2.3    Opportunity London will be supported by a dedicated website that provides borough-by-borough detail on economic development and inward investment strategies, as well as information on key regeneration strategies and projects taking place across the capital.

2.4    Opportunity London will establish a London Ambassadors network. These Ambassadors will be drawn from across the public, private and third sectors, and the network will represent the diversity and expertise that underpin London’s success. 

2.5    The dedicated website, and the London Ambassadors network, will be complemented by an events and communications programme. This will also be delivered by New London Architecture, in partnership with London Communications Agency and London & Partners. 

2.6    Working with the London Ambassadors, boroughs and investors on the Opportunity London project, New London Architecture will promote London on a global level at MIPIM, an international marketplace event for real estate professionals; and at the UK’s Real Estate Investment and Infrastructure Forum.

Future work

2.7    Future work will include the following: 

• party conference dinners for the three main political parties, which will include local borough leaders, investors, and relevant MPs
• an investment summit with an invited audience of borough representatives and developers 
• the development of a London Real Estate Forum
• a PR and comms campaign, and an international outreach programme, by London & Partners. 

Key performance indicators (KPIs)

2.8    The following proposed KPIs will be used to monitor the impact of the funding work:

• investment into projects that benefit communities/groups most affected by the pandemic (including women and ethnic minorities) 
• investment into projects that target areas with high levels of the multiple deprivation index 
• investment into projects that contribute to promoting good growth and/or low-carbon development 
• number of global investors engaged
• opportunities for high-profile events for diverse voices and opinions to be heard from under-represented groups 
• number of high-profile events with Opportunity London present
• number of articles in the (general and specialist) media
• website traffic, with number of unique users.

The above outcomes and initial KPIs will be further detailed in the funding agreement.

Equality, Diversity and Inclusion (EDI) Action Plan 

2.9    An EDI Action Plan will form part of the funding agreement and will set out: the impact this commission will have; how it will achieve social value for its proposed beneficiaries; and how the organisation will take steps to address EDI principles within the operation of its business. This will include three priority areas related to the project, and three related to the organisation. Key actions related to achieving social value and EDI will be set out in the milestone and funding schedule.

3.1    Under section 149 of the Equality Act 2010 (the Equality Act), as public authorities, the Mayor and the GLA must have due regard to the need to eliminate unlawful discrimination, harassment and victimisation; and to advance equality of opportunity, and foster good relations, between people who share a protected characteristic and those who do not. Protected characteristics under the Equality Act comprise age, disability, gender reassignment, pregnancy and maternity, race, religion or belief, sex, sexual orientation, and marriage or civil partnership status (the duty in respect of this last characteristic is to eliminate unlawful discrimination only).

3.2    Through the proposed contribution to Opportunity London, the GLA will require the recipient to evaluate the potential impacts of its work on those with a protected characteristic; and ensure that any activity minimises disadvantages to all those with a protected characteristic within society.

3.3    Those that may share a protected characteristic should be encouraged and supported to engage fully with Opportunity London, as appropriate. As a condition of funding, Opportunity London will be required to meet the Public Sector Equality Duty and demonstrate this through regular reporting of progress.

3.4    This decision is not expected to have any negative impact on persons with a protected characteristic under the Equality Act.

3.5    Further measures to ensure the GLA and Opportunity London’s obligations under the Equality Act are met through this commission will be detailed in the funding agreement.

Governance 

4.1    The ongoing engagement with the Opportunity London project will be provided via a senior officers group drawing on Planning, Regeneration and Environment teams, as required, supported by the Good Growth Coordination team who will manage the GLA’s agreement with New London Architecture. The key internal stakeholder contact will be the Senior Communications and Engagement Officer, who will escalate matters as necessary to the Acting Head of Regeneration, the Assistant Director for Planning and Regeneration, and a nominated senior manager from Housing and Land. Should circumstances dictate matters require further escalation they will be referred to the Executive Director of Good Growth and the Mayoral Head of Economic and Business Policy. 

Links to mayoral strategies and priorities

4.2    The table below sets out the key strategies and related priorities to which this commission will contribute.
 

Key risks and issues

Conflicts of interest

4.3    There are no known potential or perceived conflicts of interest from any of those involved in the drafting or clearance of this form.

5.1    £65,000 is required as a contribution to Opportunity London to promote good growth investments across London. 

5.2    The funds will be administered as an upfront grant to New Architecture London who manages the Opportunity London initiative. As such the Authority will ensure all appropriate records of the expenditure have been received. Furthermore, the grant agreement will incorporate a clawback clause which will enable the Authority to recover the grant up to the value of £65,000 should the expenditure conditions fail to meet the requirements. 

5.3    Alongside this grant, New London Architecture are also seeking to secure third-party funding to further enhance this initiative. 

5.4    As a Principal Partner, the Greater London Authority will monitor the delivery of Opportunity London.

5.5    This grant will be funded by income received from the Ministry of Housing, Communities and Local Government (MHCLG) and is currently held within the 2022-23 Planning and Regeneration Good Growth budget.

6.1    The foregoing sections of this report indicate that the decisions requested of the Interim Head of Regeneration (acting pursuant powers delegated by the Mayor under cover of MD 2692) fall within the exercise of the GLA’s statutory duties to promote tourism to, in and through Greater London, and powers to promote and/or to do anything that is facilitative of, or conducive or incidental to, economic development and wealth creation within Greater London. In formulating the proposals in respect of which a decision is sought, officers have complied with the GLA’s related statutory duties to:

• pay due regard to the principle that there should be equality of opportunity for all people
• consider how the proposals will promote the improvement of health of persons, health inequalities between persons and to contribute towards the achievement of sustainable development in the United Kingdom
• consult with appropriate bodies.

6.2    In taking the decisions requested of her, the Interim Head of Regeneration must have due regard to the Public Sector Equality Duty; namely the need to eliminate discrimination, harassment, victimisation and any other conduct prohibited by the Equality Act; and to advance equality of opportunity, and foster good relations, between persons who share a relevant protected characteristic (race, disability, gender reassignment, age, sex, sexual orientation, religion or belief) and persons who do not share it (section 149 of the Equality Act). To this end, the Interim Head of Regeneration should have particular regard to section 3 (above) of this report.

6.3    Officers have indicated that the expenditure proposed amounts to the provision of grant-funding as a contribution to related third party project costs, and not a payment for services to be provided. They must therefore ensure that the proposed funding is disbursed in a fair and transparent manner, in accordance with the GLA’s Contracts and Funding Code; and that a funding agreement is put in place between and executed by the GLA and New London Architecture before any commitment to provide the funding is made.

6.4    Officers have indicated that the feasibility and success of the Opportunity London project (and therefore, part of the rationale for the award of GLA funding) will be influenced by New London Architecture’s securing of third-party funding from other partners to meet project costs. If the Interim Head of Regeneration is minded, making this decision, officers should ensure that such funding is secured and applied to the costs of the project as a condition of any GLA award.