Decision details

To provide an update on the funding status and strategy for the City Learning Quarter and seek approval to take the required steps to allow commencement of procurement and delivery works for Phase 2.

1.    That it be approved, that if the Council receives confirmation of the remaining funding from Government, temporary borrowing would be provided in order to cash flow the project until grants were received.

2.    That it be approved, that as a funder of last resort, the Council provide up to £x million of budget, funded by borrowing, to provide additional contingency for the project. This recognises the cost increases being seen in the construction sector and that the current project estimates were subject to tender prices.

3.    That authority be delegated to the Leader of the Council and Deputy Leader: Inclusive City Economy in consultation with the Directors for Regeneration and Finance to build in the supplementary budget up to the approved amount at such a time as required.