Agenda item

Report of the Chamberlain

NB: To be read in conjunction with the separately bound non-public appendices (circulated electronically only). The Sub-Committee’s recommendations on this item will be considered by the Policy and Resources Committee later this day.

The Sub-Committee considered a report of the Chamberlain concerning the funding of three projects.

The Sub-Committee noted that the Projects Sub-Committee had sought additional information on the rationale for the provision of a lift in the proposed new retail unit at the Barbican Centre.

It was also noted that all projects considered as part of the gateway process were reviewed at Gateway 7.

RESOLVED – That it be recommended to the Policy and Resources Committee, that:-

1.    approval be given to the allocation of £1.925m from the 2015/16 City Fund provision for new schemes to provide funding for the following projects, subject to the agreement of the relevant gateway reports and other approvals as appropriate:-

·      £0.850m to meet the shortfall in funding towards the £5.2m total cost of the Sir John Cass School extension scheme;

·      £0.486m towards the £0.650m total cost of the Frobisher Crescent Level 4 meeting and conference facilities scheme at the Barbican Centre; and

·      £0.589m to fund the provision of a new retail unit within the Barbican Centre.

2.    it be noted that, in the event that future anticipated requests for funding materialises which resulted in the available provision being exceeded, a bid for an additional draw down from the City Fund reserves might be made in support of the SBR income generating proposals.