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.
That Council be recommended to approve:
1. 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 are received.
2. That as a funder of last resort, the Council provide up to £x 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 are subject to tender prices. Further approve the delegation of authority 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.
That Cabinet (Resources) Panel approves:
1. That the procurement of the construction contract is progressed in line with the procurement strategy outlined in the report, but that a contract is only awarded when all funding is secured.
2. The delegation of authority to the Leader of the Council and Deputy Leader: Inclusive City Economy in consultation with the Directors for Regeneration and Finance to award contracts for the delivery of Phase 2 of the City Learning Quarter to the successful tenderers following the procurement processes outlined in the report.
3. The delegation of authority to the Leader of the Council and Deputy Leader: Inclusive City Economy in consultation with the Chief Operating Officer and Director of Finance to enter into any necessary agreements, contracts or arrangements for the delivery of the Phase 1 and Phase 2 of the City Learning Quarter Scheme.
That Cabinet (Resources) Panel notes:
1. That the Council intends to transfer the freehold of the College building land on completion of the works, and notes that this would be the subject of a further report.