Final confirmation is sought that officers are authorised to execute on behalf of the Council a Deed of Variation to the PFI Project Agreement relating to Highfields School and Penn Fields Special School made between (1) Wolverhampton City Council and (2) Inspiredspaces Wolverhampton (Projectco1) Limited (“the Contractor”) in order to carry out a Debt Refinancing to reduce costs for the Council.

Cllr Claire Darke presented the report containing a series of recommendations to authorise officers to execute a debt refinancing for Highfields and Penn Building Schools for the Future (BSF) Private Finance Initiative (PFI) schemes.  

Resolved:

1.     That the recommendations contained in the report on a debt refinancing for Highfields and Penn Building Schools for the Future Private Finance Initiative schemes be noted.

2.     That authority be delegated to the Cabinet Member for Education and Cabinet Member for Resources in consultation with the Strategic Director People and Director of Finance to determine the final decision on this matter and the final details of the transaction.

3.     That a report be submitted to the next meeting of the Cabinet (Resources) Panel on the circumstances that have led to the proposed change in the refinancing vehicle/ arrangements to those previously considered and approved by the Cabinet (Resources) Panel on 2 June 2015.