Agenda item

Report of the Town Clerk.

The Committee considered a report of the Town Clerk concerning the progress of proposals to relocate the Museum of London and the next steps of the project.

Members noted the comments of the Smithfield Market Tenants’ Association.

The Chairman of the Finance Committee referred to the cost of the project and the arrangements for it to be funded equally between the City Corporation, the Greater London Authority (GLA) and external fund raising. He advised that City Corporation and the GLA had an established match funding arrangement which should not be allowed to drift. Therefore, if it was unlikely that the fund raising target would be met, it was important for any shortfall as well as any additional cost associated with the relocation to be shared equally between both organisations. He reminded the Committee that the City Corporation had already made a considerable contribution by purchasing the site.

Detailed discussion ensued. Whilst it was felt that certain costs, such as the stabilisation works, should be met by the City Corporation, going forward Members were of the view that officers should seek to ensure that the overall principle of sharing the cost of the redevelopment project with the GLA was maintained.

RESOLVED: That:-

1.   the letter from the SMTA be noted and that the decision taken at the July meeting regarding the relocation of the Museum of London be reconfirmed.

2.   in progressing the project, officers should seek to ensure that the overall principle of sharing the cost of matters associated with the Museum with GLA was maintained;

3.   a grant of up to £1.628m be made from City’s Cash reserves to the Museum of London to fund the Museum’s relocation project up to January 2017;

4.   the approval of the final amount of grant, up to £1.628m, be delegated to the Town Clerk in consultation with the Chairman and Deputy Chairman and be subject to further discussions with the GLA over the coming weeks;

5.   the Town Clerk be authorised to prepare and agree a letter setting out the terms and conditions of the proposed grant to the Museum to adequately protect the City’s position in consultation with the Chamberlain (on matters of a financial nature) and the City Solicitor;

6.   £1.3m be provided from City’s Cash reserves to make the General Market and Annexe Buildings safe for the project team’s access to the site to continue;

7.   £1.5m be provided from City’s Cash reserves for other identified works subject to additional due diligence;

8.   the approval of the final cost of the health and safety and other works as set out in (6) and (7) above be delegated to the Town Clerk in consultation with the Chairman and Deputy Chairman;

9.   it be noted that expenditure on the above works would be progressed through the gateway process in accordance with the City’s project and procurement procedures;

10.  £130,000 be provided from City’s Cash reserves for necessary surveys and investigations;

11.  the following be noted:-

·     the appointment of a project director to manage the City’s relationship with the project;

·     that a report dealing with the Heads of Terms between the City of London Corporation and the Museum of London would be submitted later in the autumn; and

·     further funding would be required to cover the Museum’s project costs from January – May 2017 and a report on this would be submitted in December 2016.