Decision details

The Deputy Leader: Inclusive City Economy, Councillor Stephen Simkins presented the exempt report on City Learning Quarter Delivery for approval. The report was exempt as it contained information relating to the financial or business affairs of any particular person (including the authority holding that information).

The Deputy Leader: Inclusive City Economy, Councillor Stephen Simkins proposed the recommendations and the Cabinet Member for Education, Skills and Work, Councillor Dr. Michael Hardacre seconded the recommendations.

Resolved:

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.