Issue - meetings

This report proposes to “earmark” £10m, from the Economic Investment Fund for York Central. Detail of how the full allocation will be used, along with a full assessment of risk will be subject to a further report.

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.

Members considered a report which proposed to “earmark” £10m, from the Economic Infrastructure Fund (EIF), for the York Central site. It was reported that investment in the infrastructure to create a new access onto the site was essential to allow development to proceed and to stimulate activity. It was confirmed that an initial £500,000 was required to undertake the initial aspects of the project.

A phased approach would be taken with 26 hectares within the 35 hectare site with the split between housing and business/leisure and retail offers reported at Table 1 of the report and a guide to the phased development at paragraphs 14 to 18. A breakdown on the use of the funding was set out together information on the management of the impact on the existing road network.

Cabinet Members referred to the job creation and affordable housing that would result from these proposals. It was noted however that flexibility would be required at each stage owing to the timeframe of developments.

Following further discussion it was

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. ^1.

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. ^2.

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.