Issue - meetings

Decision:

(1)   That the current financial position of WUV at the planning application gateway as outlined in the report submitted to the Executive, be endorsed.

(2)   That £10.2m be transferred from the provisional capital programme to the approved capital programme for infrastructure fees and payments which the Council is obliged to make to Thames Water under the TW Agreement.

Reasons:

(1)   To report to councillors the financial position of the WUV at the planning application gateway.

(2)   To ensure that there is sufficient funding in the approved programme to cover the phase 1 Infrastructure fees and the payments which the Council is obliged to make to Thames Water under the Thames Water Agreement in the current year.

Other options considered and rejected by the Executive:

To cease the project, retaining the site in its existing state.

Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:

None

The Executive considered a report setting out the current financial position and updated business assumptions of the Weyside Urban Village development (WUV) at the point of the planning application gateway. At this stage in the development the Executive was asked to note an overall reduction in anticipated costs of £24.8 million and an estimated end of project deficit reduction of £1.6 million to just £400,000.

Approval was also sought for the transfer of £10.2 million from the provisional capital programme budget to the approved capital programme budget to cover infrastructure fees and payments that the Council was obliged to make to Thames Water (TW) under the TW Agreement.

The Council’s Legal Team would assess the planning application prior to submission and Deloitte’s would be undertaking an independent financial audit. It was noted that there would be project updates to the Executive and the community at the point of every project gateway.

The increasing momentum of the project after such a long period of assembly was welcomed. The need for additional housing of all different types in the Borough was noted. The Executive

RESOLVED:

(1)   That the current financial position of Weyside Urban Village at the planning application gateway as outlined in the report submitted to the Executive, be endorsed.

(2)   That £10.2m be transferred from the provisional capital programme to the approved capital programme for infrastructure fees and payments which the Council is obliged to make to Thames Water under the TW Agreement.

Reasons:

(1)   To report to councillors the financial position of the WUV at the planning application gateway.

(2)   To ensure that there is sufficient funding in the approved programme to cover the phase 1 Infrastructure fees and the payments which the Council is obliged to make to Thames Water under the Thames Water Agreement in the current year.