-
Decision details
Cornwallis Street Hotel (Part 2)
Decision Maker: Cabinet, Full Council
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: No
Decisions:
The Chief Executive presented a report to seek approval to increase the capital programme budget for the development of a hotel and restaurant at Cornwallis Street.
Councillor Barnett proposed approval of the recommendations, seconded by Councillor Evans.
RESOLVED (unanimously):
1. Cabinet recommends Full Council approves the increase in the capital programme budget to £13.601m for the development of the hotel at Cornwallis Street.
2. Full Council approves the use of capital receipts from the land and property disposal programme as a financially prudent approach to help fund the capital programme as set out in the Council’s Treasury Management Strategy.
Reasons:
1. The council entered into an agreement in 2021 to build and lease a hotel on the site at Cornwallis Street as a regeneration project and to address the significant under-provision of hotel bed-spaces in the town.
2. The council tendered for the build work and following two procurement exercises, a preferred contractor has been identified, however the tender price has exceeded the estimated capital programme budget.
3. Decisions regarding increases to the capital programme are required to be made by Full Council.
4. Cabinet is therefore recommending to Full Council that the budget is increased to the sum of £13.601m (including a significant contingency budget).
5. The use of capital receipts (from the sale of surplus assets) to reduce the level of borrowing required and MRP (minimum revenue provision) payable is recommended as part of a prudent and balanced Treasury Management strategy.(The Chair declared the meeting closed at 7.45pm)
Report author: Jane Hartnell
Publication date: 05/09/2023
Date of decision: 04/09/2023
Decided at meeting: 04/09/2023 - Cabinet
- Restricted enclosure View reasons restricted
-
My council
Contact
Contact us if you have a question about democratic services.
Content
The content on this page is the responsibility of our Democratic Services team.