Agenda item

In response to a query from a Member, the Committee was informed that there was a budget update scheduled for later in the meeting.

The Committee received a verbal update from the Executive Director of Environment on Finsbury Circus.

Members were informed that Officers from the Environment Department had given a presentation to the Resource Allocation Sub-Committee (RASC) on the Finsbury Circus project outlining its history and the options going forward.

It was noted that the current funding envelope is £5.9 million, including an in-principle allocation of £2.5 million from the Community Infrastructure Levy (CIL) agreed by RASC in 2020, £3.2 million compensation agreed by Crossrail and funding of £200,000 from the Climate Action Fund.

It was also noted that Officers had received five responses to a tender exercise and had not yet had the opportunity to evaluate these in detail.

Members were informed that delivery of the Finsbury Circus scheme, including the provision for a pavilion, as consented to by Planning and Transportation Committee, would range from £7.9 million to £8.9 million and that a value engineering option would deliver savings of approximately £300,000.

Officers explained that the landscaping scheme without the pavilion would cost between £5.7 million to £6.1 million. Members were informed that this option fits within the budget and that there was a strong steer from RASC Members that this was the preferred option.

It was noted that the current tenders were only valid for three-month period.

Members agreed that open grass space had proved popular following the Covid-19 pandemic. A Member stated that open space was better for biodiversity.

Members discussed the various possibilities for amenities, including utilising the toilet facilities of local pubs and cafes. Members noted the proximity of Liverpool Street.

RESOLVED, that Members –

·         Endorse the landscape only option.

·         Delegate authority to the Town Clerk, in consultation with the Chair and Deputy Chair, to consider a gateway 5 report on plans for Finsbury Circus.