Decision details

Covid 19 – Impact on the capital programme:

1.     That it be noted, 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 were sourced. Major development projects such as the Civic Halls and WV Living sites have been affected by this global issue.

2.     That 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 be approved.

3.     That authority be delegated to the Cabinet Member for City Economy in consultation with the Director for Regeneration, to approve 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 as prescribed at paragraph 2.3 of appendix 1.

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

5.     That, due to the impact of Covid-19, equity as detailed in appendix 1 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.     That authority be delegated 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.     That authority be delegated to the Director of Governance to execute the necessary agreements to give effect to the decisions made.

Loan to Wolverhampton Homes for purchase of properties:

8.     That Wolverhampton Homes be authorised to purchase properties from WV Living for the purpose of market rental.

9.     That a loan of up to £1.6 million be provided to Wolverhampton Homes to facilitate the purchase of the properties.

10.That budgetary provision be made in the capital programme to facilitate the loan.

11.That authority be delegated to the Cabinet Member for Resources, in consultation with the Director of Finance to approve the final terms of the loan.

12.That authority be delegated to the Director of Governance to execute the necessary agreements to give effect to the decisions made.

Development and Delivery of City Events:

13.That the establishment of supplementary income and expenditure budgets for the development and delivery of city events be approved.

14.That authority be delegated to the Cabinet Member for City Economy in consultation with Director of City Environment to approve the individual business cases for City Events.

15.That authority be delegated to Cabinet Member for City Economy in consultation with Director of City Environment to approve the Council entering into contracts and agreements with or for performers for City Events.

16.That a virement of £100,000 from the Corporate Accounts revenue budget to the City Events revenue budget to facilitate the delivery of sporting events be approved.