Decision details

Purpose of Report: To invest in remaining key sites to allow development to start.

Members are asked to allocate available obtainable funding, on a prioritised basis, to remove final viability issues preventing growth in housing and new jobs.

This report has been deferred until November Cabinet as it is necessary for the Economic Infrastructure Fund Proposals report to be considered by Cabinet on 1 October 2013 in the first instance as this has associated funding implications.

Due to a high volume of business scheduled for 5 November meeting, CMT agreed in conjunction with officers, that this item can be deferred to 3 December meeting.

Resolved:    i)     That Cabinet agree to earmark £10m from the Economic Infrastructure Fund for York Central, with £0.5m allocated immediately to advance the scheme in respect of support/technical work, and the remaining £9.5m subject to a more detailed report back to Cabinet in early 2014. 

ii)       That a further detailed report be presented to Cabinet, early in 2014, setting out the full financial implications, risks, technical details, aspects of phased development and the mechanisms/legal relationship between CYC and network rail for a profit-sharing approach.

Reason:     i)       To facilitate the development of the York Central site by closing the final viability hurdle.

ii)       To give certainty to Network Rail that CYC is committed to this expenditure in principle.

iii)      To ensure that there is a level of detail agreed about project outputs/outcomes before monies are expended.

iv)          To allow preparatory work to commence.