Purpose

To note the current
financial forecast for the Weyside
Urban Village report.

To note the ongoing
work on the financial mitigation strategy.

To approve the
transfer of funds from provisional to approved capital programme

To approve officer
delegations to enter into future contracts.

 

Content

Decision:

1.      
Noted the current financial position of Weyside
Urban Village programme at the Spring 2024 Financial Review, as set
out in the report.

2.      
Noted the current forecasted eventual deficit -
outlined in Exempt Appendix 1 - in 2033 (year 10 of the project
delivery programme).

3.      
Delegated to the Strategic Director of Place, in
consultation with the Lead Councillor for Regeneration and Lead
Councillor for Finance and Property, authority to enter into such
other contracts and legal agreements connected with the Weyside
Urban Village programme as may be necessary in compliance with
Procurement Procedure Rules and within the approved
budget.

4.      
Recommended to Full Council meeting on 13 May 2024
the approval of the transfer of £69.548 million from the
provisional capital programme to the approved capital programme for
payments which the Council is obliged to make to Thames Water
Utilities Limited under the Thames Water Agreement for 2024/25, for
costs necessary to meet the milestones set within the Homes England
Housing Infrastructure Funding agreement and construction costs of
phase 2 Infrastructure, Offsite Highways and the New Council
Depot.
Reason(s):

1.      
To ensure that there is sufficient understanding of
the projected financial forecast of the programme and outline the
work underway to develop mitigation strategies to alleviate the
forecast deficit.

2.      
To ensure that there is sufficient funding in the
approved programme to cover construction of phase 2 Infrastructure,
Offsite Highways and the new Council Depot and the payments which
the Council is obliged to make to Thames Water Utilities Limited
under the Thames Water Agreement for 2024/25.

3.      
To ensure that statutory service agreements and
construction agreements can be entered into for the delivery of
services and infrastructure for the development and to ensure that
Homes England Housing Infrastructure Fund (HIF) milestones are
achieved. 

4.      
To support the delivery of the Council’s
Corporate Plan (2021-2025) priorities, by supporting the
high-quality development of a strategic site, creating employment
opportunities through regeneration and facilitating affordable
housing.
Other options considered and rejected by the
Executive:
Option 1, not to approve the
recommendations.
Details of any conflict of interest declared by
the Leader or lead councillors and any dispensation
granted:
None.