Issue - meetings

That:

1)        the resolution of WBC (Holdings) Limited to approve further funding for the build of Phoenix Avenue and Fosters be noted;

2)        further funding of up to £2.141million for the development of Phoenix Avenue and Fosters Extra Care from Council capital resources and to on-lend to WBC (Holdings) Limited at interest rate of 6% be approved.

(Councillor Jorgensen declared a personal interest in this item)

The Executive considered a report relating to a request for further funding for the development of Phoenix Avenue and Fosters Extra Care Home.

The Leader of Council explained the necessity for the additional funding to that previously assigned by the Executive, at its meeting in January 2014, to WHL for both Phoenix Avenue and Fosters Extra Care Home projects.  At the same meeting a further sum of £18m was agreed to be made available for future developments subject to agreement by the Executive.  Now that a further quote had been received, plus anticipated increases to the Fosters project, there was a need for £2.141m to be made available from the previously agreed £18m.  By way of clarification Councillor Baker confirmed that it was not new money that was being requested but funds that had already been allocated by the Executive to WHL for development projects.

Councillor Baker also clarified that the £2.141m was only required in the current financial year and not future years as was suggested in the financial implications table in the report.

RESOLVED that:

1)        the resolution of WBC (Holdings) Limited to approve further funding for the build of Phoenix Avenue and Fosters be noted;

2)        further funding of up to £2.141million for the development of Phoenix Avenue and Fosters Extra Care from Council capital resources and to on-lend to WBC (Holdings) Limited at interest rate of 6% be approved.