Decision details

Date of Decision:

04 November 2022

Decision Maker:

(Including Job Title)

Paul Woodcock

Strategic Director, Regeneration and Environment

Specific Delegation:

(If any)

The delegation agreed by Cabinet on 17^th October 2022 in respect of the delivery of Forge Island which:

“Delegates authority to the Strategic Director of Regeneration of Environment, in consultation with the S151 Officer and the Cabinet Member for Jobs and Local Economy, to enter into the agreements necessary to give effect to the Forge Island Scheme.”

Brief Description of Decision:

Approval to enter into a Development Funding Agreement (DFA) for the delivery of Forge Island.

Reasons for the Decision:

The DFA allows construction of the Forge Island scheme to progress, as agreed by Cabinet on 17^th October 2022, and provides market standard security relating to the provision of funding, including an obligation on Muse to develop in accordance with an agreed specification. The DFA also clearly establishes the maximum funding amount the Council will provide, the proposed governance and monitoring approach, and other contractual clauses designed to protect the Council’s investment. 

The decision has been taken in consultation with the S151 Officer and the Cabinet Member for Jobs and the Local Economy.

Details of alternative options considered and rejected:

Not applicable in this instance. The contractual clauses included in the DFA have each been considered and negotiated and are considered to appropriately protect the Council’s investment.

Conflicts of interest declared by any Executive Member consulted by the decision maker which relates to the decision:

None declared.

Dispensations Granted:

(If any)

N/A

Reports or parts of reports considered

Forge Island Final Delivery Arrangements – 4 November 2022

Cabinet Report – Final Delivery Arrangements 17^th October 2022