Decision details

To consider the impact of Covid 19 on the capital programme

That Council be recommended to:

1.      Note that the Covid-19 pandemic has had a damaging impact on capital projects, internationally, across the UK and in the city, leading to cost pressures associated with new ‘social distanced’ operating models, materials and how they are sourced. Major development projects such as the Civic Halls and WV Living sites have been affected by this global issue.

2.      Approve budgetary provision for specific risks emerging from the Covid-19 global pandemic in relation to the Civic Halls project, that cannot be contained within the contingencies already provided for within the existing budget.

3.      Delegate authority to the Cabinet Member for City Economy in consultation with the Director for Regeneration, to approval the award of the construction contract for the Civic Halls restoration project, to Willmott Dixon Interiors Ltd of Lock House, Castle Meadow Road, Nottingham, NG2 1AG for a total contract value of £X.

4.      That, due to the impact of Covid-19, a capital repayment holiday is provided to WV Living.

5.      That, due to the impact of Covid-19, equity of £X million is provided to WV Living once evidence has been provided to satisfy the Director of Finance and the Director of Governance that the investment would comply with the relevant rules.

6.      Delegate authority to the Cabinet Member for Resources, in consultation with the Director of Finance to approve the final terms of the capital repayment holiday and the equity provision.

7.      Delegate authority to the Director of Governance to execute the necessary agreements to give effect to the decisions made.