Agenda item

The Sub-Committee received a Gateway 7 outcome report consolidating three major city transportation projects  - Winchester House Security, Monument Subway and New Street Square – all of which had delivered many enhancements across the City.  

The Sub-Committee was advised that there was a budget underspend on the Monument Subway project and a proposal to ask the developer if the unspent funds could be put towards the Aldgate Highway Changes and Public Realm Improvement project was suggested.

The Sub-Committee noted that the Winchester House Security Project was not completed at the request of Deutsche Bank.  A balance of £424,513.95 was currently being held by the City of London and a recommendation was proposed regarding these funds.

In response to a suggestion that the Monument Street Subway should not be closed and the roundells on the highway replaced, officers advised that they could look to working with TfLto achieve this and it was agreed that a report on costs be brought back to the next meeting.

Winchester House Security

RESOLVED - That

1)            The final cost of the project be noted (Appendix 1);

2)            The Chamberlain be authorised to return unspent Section 278 Payment of £293,530.75 to Deutsche Bank (plus interest);

3)           The unspent Mitigation Payment of £120,000 (plus interest) be used to fund the Aldgate Highway Changes and Public Realm Improvement Project, subject to the agreement of the Resource Allocation Sub-Committee; 

4)            The project is closed

Monument Subway

RESOLVED - That

1)            The final cost of the project be noted and the project is closed;

2)            The developer be asked if the unspent funds of £58,334 could be put towards providing further signage.   (Members noted that authority was previously delegated to the Director of the Department of the Built Environment at Gateway 5 to seek additional sources of funding, provided there were no negative impacts on the City Corporation’s resources).

New Street Square

RESOLVED – That

1)         The final cost of the project is noted; and

2)        The lessons learnt be noted and the project is closed.