Issue - meetings

Councillor Dale Heenan, the Cabinet Member for the Town Centre, and the Head of Town Centre Development submitted a joint report setting out how in 2017 Cabinet approved capital investment of £3.6m for the refurbishment of units 7/9/11 on the basis that the works would only proceed on a pre-let basis.  The joint report sought approval for an uplift in the previously agreed budget to £4.6m as well as approval for funds for major structural works to units 7/9 to be released in advance of pre-lets.

Councillor Heenan introduced the joint report by summarising the improvements in phase one and how these proposals, if adopted, would support attracting further jobs as well as promote the Railway Village by opening up the undercroft spaces.  Councillor Bob Wright asked a question about financial details, to which Councillor Heenan undertook to provide a written response.

Resolved:-

1.    That an increase in the budget for units 7/9/11 of £530,000 funded through borrowing be approved, of which the debt charges will be financed from the existing capital financing budget in year 1, and from rental income beyond that.

2.    That it be agreed that a budget of £480,000, funded through borrowing, for additional works to the undercroft as set out at paragraph 3.5 of the joint report. Further, that it be agreed that resulting debt charges will be financed from the existing capital financing budget in year 1, and from rental income beyond that.

3.    That it be approved that £0.9m of the total revised budget to be released in advance of prelets.

The reasons for the decision and alternative options are as set out in the report to the meeting.