Purpose

The
purpose of this decision is to approve the transfer £
165,704.24 of Phase 2 Northstowe S106 Revenue Funding allocated to
support the operation of the Dual Use Sports Facilities at
Northstowe Secondary College. The funds will be transferred to The
Meridian Trust who manage the Northstowe Learning Campus and
associated facilities. The payment will be split with £82,852
payable immediately and a further payment of £82,852 payable
in 2029 or sooner if a requirement is demonstrated. This is because
the S106 agreement requires that other sources of funding are fully
utilised first.  It is anticipated that
the income generated from bookings will reduce the need for revenue
support in future years.  This will be
assessed and monitored on an annual basis.

Content

To
transfer £165,704.24 revenue support funding to Meridian
Trust in two tranches. £82,852 immediately and £82,852
at a date to be determined no later than 2029.

Reasons for the decision

Provision for Revenue Support Funding for the Dual Use Sports
Facilities was made in the Northstowe Phase 2 S106
agreement.

Alternative options considered

Option
1: To refuse the request. This was rejected because the S106
agreement provides for revenue support for the facility in the
early years of operation
 
Option
2: To pay the full amount requested. This was rejected as the S106
agreement requires that other sources of funding are fully utilised
first.  It is anticipated that the
income generated from bookings will reduce the need for revenue
support in future years.