Decision details

Agreed

That it is recommended that Council makes £1.025 million in Community Infrastructure Levy (CIL) funding available for investment in a newly configured junction on the A379 at Sandy Park on the following basis:-

(1)        No funds to be made available until adequate CIL has been collected or the end/long-stop repayment date in the legal agreement with Devon County Council has been reached, and funding for city centre major infrastructure investments has been secured in line with the resolution of Executive on 10^th February 2015;

(2)        Interest that becomes payable in the event that the City Council does not pay the £1.025 million before the end long-stop repayment date in the legal agreement with Devon County Council has been reached, to be payable from the City Council’s General Fund;

(3)        City Council CIL funding for the newly configured junction to be conditional upon ‘claw-back’ provisions whereby the City Council would be an equal-proportion recipient of any project cost savings;

(4)        City Council CIL funding for the newly configured junction to also be conditional upon the outcome of an as yet undetermined bid for funds from Highways England’s new ‘Housing and Growth Fund’, with ‘claw-back’ provisions whereby the City Council would be an equal-proportion recipient of any potential reduction in the overall project costs in the event that the bid is successful; and,

(5)        Authority to be delegated to the Assistant Director City Development to finalise a legal agreement with Devon County Council that accords with these recommendations, (based upon the model provided by the agreement developed in relation to funding Marsh Barton Railway Station subsequent to approval by Executive on 11^th August 2015).

Reason for Decision:

As set out in the report.