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<p>In 2015, Tees Valley Combined Authority was awarded the long term Investment Fund
of £450 million over 30 years as part of its Devolution Deal and Single Pot funding
arrangements. In line with other Devolution Deals agreed, places can allocate and
spend Investment Funds on locally appraised projects, providing them with greater
control over directing priority investment decisions.</p><p>The Combined Authority
has responsibility for how it will invest these funds within the scope of an agreed
assurance framework, which sets out how they will appraise, monitor and evaluates
schemes to achieve value for money. This is based on Government’s Single Pot Assurance
Framework national guidance. To ensure value for money is achieved for the taxpayer,
future release of Investment Funds are subject to five yearly Gateway Reviews which
include an economic impact assessment carried out by an independent panel.</p>
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