Issue - meetings

Review of change in law provision for Building Schools for the Future Phase 3c PFI

Meeting: 15/01/2019 - Cabinet (Resources) Panel (Item 10)

Review of Change in the Law Provision for Building Schools for the Future Phase 3c Private Finance Initiative

[To review the change in law provision for Building Schools for the Future Phase 3c PFI and to consider the options for a risk transfer position going forward]

Decision:

1.     That subject to the outcome of negotiations, the full release of the change in law provision for the Private Finance Initiative (PFI) Project Agreement for St Matthias School and Heath Park School (PFI) be approved. 

 

2.     That subject to the outcome of negotiations, the Council enter into a Deed of Variation to the PFI Project Agreement for St Matthias School and Heath Park School (PFI) to take back the change in law risk for the Council.

 

3.     That subject to the outcome of negotiations, the Council enter into any ancillary documents necessary for the Deed of Variation to take effect.

 

4.     That authority be delegated to the Cabinet Members for Resources and Education and Skills in consultation with the Director of Finance to approve the details of the Deed of Variation and ancillary documents including details of any payment by the PFI Contractor to the Council.

Minutes:

Councillors Lynne Moran and Louise Miles presented the report on a proposal for the Council to take back the risk of a change in law in the Private Finance Initiative (PFI) Project Agreement for St Matthias School and Heath Park School in exchange for a financial consideration from the contractor (Amber Infrastructure Limited).

 

Resolved:

1.    That subject to the outcome of negotiations, the full release of the change in law provision for the Private Finance Initiative (PFI) Project Agreement for St Matthias School and Heath Park School (PFI) be approved. 

 

2.    That subject to the outcome of negotiations, the Council enter into a Deed of Variation to the PFI Project Agreement for St Matthias School and Heath Park School (PFI) to take back the change in law risk for the Council.

 

3.    That subject to the outcome of negotiations, the Council enter into any ancillary documents necessary for the Deed of Variation to take effect.

 

4.    That authority be delegated to the Cabinet Members for Resources and Education and Skills in consultation with the Director of Finance to approve the details of the Deed of Variation and ancillary documents including details of any payment by the PFI Contractor to the Council.