Agenda item

Report of the Executive Director Environment.

Members considered a Gateway 5 report of the Executive Director Environment regarding Bank Junction: All Change at Bank.

RESOLVED, that Members:-

1.     Approve the additional allocation from the Climate Action Strategy ‘Cool Streets and Greening’ programme of £165,000 (approved in February 2022) is added to the project budget to deliver (and maintain) the street trees and SUDS gardens in Queen Victoria Street and Threadneedle Street;

2.     Note the revised Project Budget of £6,842,930 including risk (subject to recommendation 2 being approved)

a.     This is made up of £6,176,432 excluding risk, and the current risk provision of £666,498,

3.     Note the minimum total estimated cost of the project to deliver the base scheme has increased to £6.17m (excluding risk);

4.     Approve the Costed Risk provision be drawn down by £423,502 from risk 16 to cover the estimated uplift in the costed base project.

a.     The remaining risk provision of £276,498 against risk 16 will remain in the register to protect from any further increase in material or labour cost during the construction that is currently unknown (including for security aspects within the design).

5.     Approve a revised total for the Costed Risk Provision of £666,498, to be drawn down via delegation to Chief Officer, (of which £562,598 is currently funded (see section 3)

6.     Agree to delegate authority to the Executive Director Environment to accept additional funding into the project (that is outside of the capital funding remit) to deal with the currently unfunded S106 shortfall of £103,900 as it is within the existing agreed overall project total.

7.     Agree that in principle (subject to the Chamberlain’s agreement of the future staff overhead calculation methodology), that the funding released from this revised calculation should in this instance be retained within the project budget to cover items detailed in paragraph 26.

a.     And that the budget adjustment be delegated to the Executive Director Environment and the Chamberlain, if agreed, to action once the details of the split of funding against the various tasks has been fully identified.

8.     Approve the public realm priorities in Table 2.

9.     Note the change in the estimated construction programme to completion in Spring 2024, with Gateway 6 likely to be Autumn 2025