Council is recommended to:

1. Approve the capital budget for the remaining phases of the i54 Western Extension programme of £22.75 million and the associated funding strategy outlined in the report.

2. Delegate authority to the Cabinet Members for City Economy and Resources, in consultation with the Director of Regeneration and Director of Finance, to approve any variations to the i54 Western Extension supplementary budgets in the event of any changes to external funding sources.

Cabinet resolved:

1. That it be noted that, in January 2019, Cabinet approved the delivery of Phases 1 – 3 of the i54 Western Extension.

2. That it be noted that this report is a follow up report from the January 2019 Cabinet report from which approval was obtained to progress with the first phases of the i54 Western Extension project with the recommendation that a further report would be presented to Cabinet seeking approval to progress phases 4, 5a, 5b and 5c.

3. That the progress made in delivering the i54 project to date be noted.

4. That the progress made on the i54 Western Extension project including the Access Road contract, progression of design and preparations for the next phases of work and, key outputs and delivery programme, be noted.

5. That the status of the funding strategy, key delivery agreements and governance arrangements including, the Joint Venture Agreement and Business Rate Retention Agreement with Staffordshire County Council and South Staffordshire Council, be noted.

6. That it be noted that delegated authority was approved in the previous Cabinet Report of January 2019 to the Cabinet Members for City Economy and Resources, in consultation with the Director of Regeneration and Director of Finance, to approve a series of key agreements required to progress the works in accordance with the agreed funding and delivery strategy.

7. That it be noted that a key constituent of the funding strategy is that any borrowing costs, including interest are paid back from rates generated by the Western Extension site.

Councillor Harman Banger presented the public version of the i54 / Western Extension - Phases 4 and 5 Budget Approval report. The report sought approval for the capital budget for the remaining phases of the programme of work. The continuation of the work on the i54 / Western Extension was good news for the City as hundreds of jobs and opportunities would be created for local people and the site would bring in large amounts of private investment. In addition to this, once the lending had been returned, the Council would receive a share of the business rates from the site.

The corresponding private report was discussed at Item 7, that contained information relating to the financial or business affairs of the authority.

Resolved:

Council is recommended to:

1. Approve the capital budget for the remaining phases of the i54 Western Extension programme of £22.75 million and the associated funding strategy outlined in the report.

2. Delegate authority to the Cabinet Members for City Economy and Resources, in consultation with the Director of Regeneration and Director of Finance, to approve any variations to the i54 Western Extension supplementary budgets in the event of any changes to external funding sources.

Cabinet resolved:

1. That it be noted that, in January 2019, Cabinet approved the delivery of Phases 1 – 3 of the i54 Western Extension.

2. That it be noted that this report is a follow up report from the January 2019 Cabinet report from which approval was obtained to progress with the first phases of the i54 Western Extension project with the recommendation that a further report would be presented to Cabinet seeking approval to progress phases 4, 5a, 5b and 5c.

3. That the progress made in delivering the i54 project to date be noted.

4. That the progress made on the i54 Western Extension project including the Access Road contract, progression of design and preparations for the next phases of work and, key outputs and delivery programme, be noted.

5. That the status of the funding strategy, key delivery agreements and governance arrangements including, the Joint Venture Agreement and Business Rate Retention Agreement with Staffordshire County Council and South Staffordshire Council, be noted.

6. That it be noted that delegated authority was approved in the previous January 19 Cabinet Report to the Cabinet Members for City Economy and Resources, in consultation with the Director of Regeneration and Director of Finance, to approve a series of key agreements required to progress the works in accordance with the agreed funding and delivery strategy.

7. That it be noted that a key constituent of the funding strategy is that any borrowing costs, including interest are paid back from rates generated by the Western Extension site.