Decision details

RESOLVED:       That Cabinet recommend Council to:

(i)           Approve the business case as presented noting the financial risks and potential resultant liabilities that may arise as a result of proceeding with the scheme.

(ii)          Approve its submission to the Planning Committee in support of the outline planning application submitted by Oakgate Group plc.

(iii)        Approve the inclusion in the Capital Programme of the Community Stadium scheme at the value of £19.2m to be funded from £14.85m of S106 Contribution, £4m of Prudential Borrowing (£200k 11/12 and £3.8m 12/13) and £350k York City FC.  Members should note that the funding from York City Football Club could be higher than a £350k contribution and this would result in a reduction of the Council’s contribution.

(iv)        Approve the release of the balance of the Council’s £3.8m Prudential Borrowing as shown in the capital programme in 12/13 in order to progress the Community Stadium project.

(v)         Approve,  that as part of the release of the £3.8m capital funding available, that £2m be allocated for the new athletics facility with York University and commit to the delivery of the project.  Note the risks outlined in paragraph 50 of the report that if the stadium scheme does not proceed that £2m of CYC Prudential Borrowing will be spent on delivering athletics provision for the City.

(vi)        To note, and accept, the risks set out in the risk management section of the report, and the financial implications section.

REASON:  To enable plans for the community stadium project to be developed and progressed.