Decision

The Executive agreed the recommendations as outlined above namely:

1. To agree to the change to the current High Pressure Sodium (SON) and Cosmopolis (CPO)  street lighting to Light Emitting Diode (LED) luminaires.

1. To agree to seek advice from National Infrastructure and Service Transformation Authority  (NISTA) who advise on PFI Contracts, and have offered Blackpool Council, together with its specialist legal advisors, Local Partnerships, the benefit of their experience free of charge to assist in the Deed of Variation changes.

1. To fund this scheme at a cost of £6.85m by Prudential Borrowing of £3.75m, the borrowing to be repaid from energy savings resulting from the installation of Light Emitting Diodes. The residual sum of £3.1m to be contributed by Community Lighting Partnership from maintenance monies. These costs also include implementation of lighting to Stanley Park.

1. To note that following the successful completion of the Light Emitting Diodes replacement savings of £930,000 per year (based on current energy costs ) will be used  to repay the associated Prudential Borrowing.

1. To ensure there is appropriate funding available to manage the project financially, that the energy budget of £2.1m is ring fenced for this scheme.