Agenda item

To consider the report of the Executive Director Environment.

A Member sought clarification on the extent of the secured funding for the project. The meeting heard that clearer cost estimates were expected in summer 2022, and that there were opportunities to secure S278 contributions that would reduce the City Corporation’s contribution to the overall cost.

Some financing discussions were conducted in the meeting’s non-public section due to the sensitivity of the cost estimate parameters and conditions.

RESOLVED, That Members

1. Approve the release of the £100,000 Section 278 design and evaluation payment from the Section 106 for 81 Newgate Street into this project;

2. Approve a revised budget of £780,442 to reach the next Gateway (see Appendix 2);

3. Approve the signing of a Section 278 agreement with the developer of 81 Newgate Street;

4. Note Resource Allocation sub-committee approval of a capital bid for £555,500 to be allocated to the project for 2022/23 which will be considered in turn by Finance Committee in February and the Court of Common Council in March;

5. Subject to the approval of the Finance Committee and Court of Common Council of that capital bid, approve delegated authority to the Executive Director Environment, in consultation with the Chamberlain and the respective Chairmen & Deputy Chairmen, to incorporate this funding into the project budget;

6. Note that there may be the need to phase the project over several years to accommodate the varying timelines of the two development sites contained within the project scope.