On the 29 August 2024 the Cabinet Member for Digital, Culture, Heritage and Tourism:-
1. Noted the Full Business Case for the Junction Works Phase Two scheme (attached at Appendix 1) at a total cost of £2,080,000, approved by EZ Partnership Board on 3 April 2024;
2. In its role as Accountable Body for the Enterprise Zone (EZ), approved Prudential Borrowing of £0.400m to fund the provision of grant to Grand Union to facilitate the delivery of the Junction Works Phase Two scheme. This will be met by the uplift in business rates income generated within the EZ to 2045/46;
3. Approved EZ grant of £0.400m to provide funding for the project viability gap for the delivery of the Junction Works Phase Two scheme as identified in the Full Business Case (FBC);
4. Approved Community Infrastructure Levy (CIL) grant of £0.500m to provide funding for the project viability gap for the delivery of the Junction Works Phase Two scheme as endorsed by PPS DMT on 25 April, and Capital Board on 16 May, in accordance with the Strategic CIL allocation process; and
5. Authorised the City Solicitor & Monitoring Officer to negotiate, execute, seal and complete all necessary documents in connection with the above recommendations.
NB: THE DEADLINE FOR CALL IN ENDS ON TUESDAY 3 SEPTEMBER 2024 AT 1600 HOURS.