Purpose

Settlement of main construction contract account

Decision

Summary of Decision

The Cabinet Member for Finance and Council Reform and the Cabinet Member for Climate Action Regeneration and Renters in consultation with the Cabinet Member for Housing Services have:

·       Approved the additional £7,760,002 variance sum to the signed construction contract between the Council and Geoffrey Osborne Limited. The interim final account for the works delivered and agreed with the contractor amount to £51,250,000 (excluding VAT).

·       Approved the additional spend of £8.8m against the previously approved spend set out in the FBC to complete the scheme.

·       Noted the increase in budget requirement of £4.347m above existing provision which will be funded from the Affordable Housing Fund.

Reasons for Decision

The project is approaching the practical completion stage and under the construction contract, a final account statement is required to be agreed and signed between the Council and Osborne.