Purpose

Project
update on the current position and options for funding the next
stage of the Pydar Development.

Content

DECISION:

 

RESOLVED:
 
1. 
That Cabinet agrees to provide capital funding
totalling £10m to cover the project costs as anticipated in
this report over the financial years 2024/25 and 2025/26 to
facilitate the further design and rephasing work for the project prior to submission
of the full business case back to Cabinet.
 
2. 
That authority be delegated to the Strategic
Director for Sustainable Growth and Development, in consultation
with the Portfolio Holder for Resources and the Section 151 Officer
to approve the expenditure of the £10m capital funding
including authority to provide a grant of up to £10m from
that capital funding to Treveth Group
or a special purpose vehicle set up to deliver the Pydar project. 
 

RESOLVED TO RECOMMEND TO FULL COUNCIL:
 
3. 
That the Council’s capital programme be
uplifted by £10m as outlined within the report.

 

 

Reason for the Decision: 
 
As
contained within the report.
 

Alternative options considered:
 
None
other than contained within the report.
 

Conflicts of interest declared:
 
None.
 

Dispensations granted in respect of a conflict of
interest:
 
N/A