Decision details

The Director of Neighbourhoods and Housing submitted a report on progress in seeking approval to the outline business case for the Little London project and the likely timetable for its completion, on a proposed updated affordability position and management of scenarios which might impact on affordability.

Appendix 1 to the report was designated exempt under Access to Information Procedure Rule10.4(3).

Following consideration of the exempt report in private at the conclusion of the meeting it was

RESOLVED –

(a)  That progress made in seeking approval for the Little London outline business case and the current timetable for completion be noted.

(b)  That the updated affordability position for the project as set out in paragraph 1 of the exempt Appendix to the report be approved.

(c)  That the Board notes the financial implications of a number of scenarios which might impact on the affordability of the project and confirms support for the way in which these might be managed as set out in paragraph 2 of the exempt Appendix.

(d)  That the commitment of the Council to the Little London PFI Project be reconfirmed.

(e)  That the increased Council contribution of £149,000 in year one, giving a total of £570,000 be approved and that the updated financial summary table for the 20 year contract as set out in the appendix be noted.

(f)  That in view of the sensitivities outlined in the exempt appendix, a further contingency sum of £150,000 per annum be committed, such sum to be sought in the first instance from the Housing Revenue Account.

(g)  That, should any affordability gap arise beyond this level, the project be supported through other mechanisms including capital receipts from the area or through reviewing the project scope without impacting on value for money.