36 MC/22/14 GATEWAY 14 LIMITED- EXTENSION TO PEAK LOAN FACILITY PDF 699 KB
Cabinet Member for Assets and Investments
Minutes:
36.1 The Chair invited Councillor Gould to present report MC/22/14.
36.2 Councillor Stringer questioned the number of jobs to be created as there was a discrepancy between the numbers quoted from various sources.
36.3 The Director for Assets and Investments confirmed that 1650 jobs would be created at Gateway 14.
36.4 Councillor Eburne asked for clarification of any agreements that were in place and if these affected the increase in peak debt facility.
36.5 The Director for Assets and Investments confirmed that there was no interdependency regarding the recommendations in the report and that conditional contracts had been exchanged with The Range.
36.6 In response to a question from Councillor Field, the Director for Assets and Investments stated that an indicative budget was set in 2020 and since then a much more detailed due diligence had been undertaken which has led to some increases and decreases in costs.
36.7 Councillor Warboys asked if the contract with The Range was fully compliant with the Council’s set of environmental standards.
36.8 The Director for Assets and Investments stated that The Range shared the Council’s aspirations with regard to delivering a highly sustainable building and through working together it was hoped to exceed the requirement set out.
36.9 Councillors debated issues within the report including the positive impact to the local community, the need to be an exemplar site for environmental aspirations and the need to move forward with the works in a timely manner.
36.10 The recommendations in the report were PROPOSED by Councillor Gould and SECONDED by Councillor Brewster.
It was RESOLVED: -
1.1 That £5m be added to the Capital Programme and that the peak debt threshold for Gateway 14 Limited be extended to £42.9m.
1.2 That authority be delegated to the S151 Officer to approve and document loan authorisation.