Issue - meetings

Innovation Centre Project

Meeting: 18/09/2019 - Policy and Resources Committee (Item 71)

71 Innovation Centre Project pdf icon PDF 98 KB

Minutes:

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.