The Interim Innovation Centre Manager
presented the report on the proposals for the Council’s
investment in the construction of the Innovation Centre at the Kent
Medical Campus. Since the last report
officers had worked to commence delivery of the project through
obtaining planning permission and working on leases. European Economic Development Fund grant approval
had been received and the Council needed to enter into a funding
agreement.
The additional borrowing requirement set out
in the exempt appendix was the difference between the predicted
costs presented in 2018 and the actual costs of delivery that would
be secured once a contract had been entered
into.
The Committee supported the proposal and
requested more information on the contingencies that were in place
due to the uncertainty caused by matters such as Brexit. In
response the Committee were informed that as the contract to be
signed was a design and build contract it was the actual cost of
delivery. A 10% performance bond was in
place in case the need arose to change contractor midway through
delivery. Officers were also taking
specialist legal construction advice on ow to manage the unknown of
Brexit.
RESOLVED: That
1.
The revised total scheme cost as set out in the Exempt Appendix to
the report for the development of the innovation centre be
approved;
2.
Delegated authority be granted to the Director of Finance and
Business Improvement to sign the Funding Agreement with the
Ministry of Housing, Communities and Local Government; and
3.
Delegated authority be granted to the Director of Finance and
Business improvement to approve additional borrowing for Capital
expenditure for the project budget.