Decision details

1.           That approval be delegated to the Chief Executive Officer, GMCA & TfGM, in consultation with the Mayor of Greater Manchester and the Chief Executive of Stockport MBC, to approve the GMCA ZEBRA fund bid that has been produced in combination with Stockport MBC and Stagecoach Group Plc (Stagecoach). The bid seeks DfT funds of £36.9m alongside Stagecoach investment of approx. £37.2m and a GMCA contribution of £12.5m to support the introduction of 170 Zero Emission Buses in the south of GM by 2024. 

2.           That the conditions and details for this submission as set out in section 1 of the report be noted. 

3.           That the GMCA financial contribution of £12.5m be provisionally approved, that will be financed by prudential borrowings, noting that the borrowings will be repaid to GMCA over the lifetime of the assets through a subsidy control clawback mechanism; and that it be further noted that in the event that the submission is successful, final approval would be sought once costs have been confirmed.

4.           That it be noted that any assets created through this fund would be available for the future franchised GM bus network.