Issue - meetings

[To approve the i54 Western Extension Scheme.]

1.    That it be agreed, to be a 50:50 investment partner for the i54 Western Extension which was to be funded through the funding strategy and driving principles.

2.    That a phased budget approach working on the principles of working with the partners to secure and maximise grant funding and contributions, use of capital receipts generated from the site and any with borrowing being repaid from future business rates generated from the site be approved.

3.    Thatit be approved, that the use of the capital receipts generated from the site form part of the funding package.

4.    That authority be delegated to the Cabinet Member for City Economy and Cabinet Member for Resources, in consultation with the Director of Regeneration and Director of Finance, to:

a.    approve supplementary capital budgets for Phase 1, 2 and 3 on the basis that

budgets are fully funded through external funding, existing borrowing approvals and contributions from Staffordshire County Council.

b.    approve Phase 1, 2 and 3 capital budgets to cover the potential transfer of

Staffordshire County Council’s 50% share of grants and contributions in accordance with the funding strategy.

Councillor John Reynolds presented the i54 Western Extension for approval. He advised the report provided an update on the current position of i54 and the resulting outcomes and economic benefits. It also set out the current status of i54 Western Extension and the funding and delivery strategy for delivery of the City’s 60 acres through to realisation of outputs.

Councillor John Reynolds proposed the recommendations and Councillor Roger Lawrence seconded the recommendations.

Resolved:

1.    That it be agreed, to be a 50:50 investment partner for the i54 Western Extension which was to be funded through the funding strategy and driving principles.

2.    That a phased budget approach working on the principles of working with the partners to secure and maximise grant funding and contributions, use of capital receipts generated from the site and any with borrowing being repaid from future business rates generated from the site be approved.

3.    Thatit be approved, that the use of the capital receipts generated from the site form part of the funding package.

4.    That authority be delegated to the Cabinet Member for City Economy and Cabinet Member for Resources, in consultation with the Director of Regeneration and Director of Finance, to:

a.      approve supplementary capital budgets for Phase 1, 2 and 3 on the basis that budgets are fully funded through external funding, existing borrowing approvals and contributions from Staffordshire County Council.

b.      approve Phase 1, 2 and 3 capital budgets to cover the potential transfer of Staffordshire County Council’s 50% share of grants and contributions in accordance with the funding strategy.