Decision - Royal Pavilion Estate Capital Project Progress Up-date

RESOLVED:

1)    That the Committee notes the progress made to date on the Royal Pavilion Estate capital project Phase 1 and approves:

a)        The revised expenditure and funding model of £21.493m as detailed in the part 2 report (for the expenditure) and paragraph 3.14 (for the income).

b)        Council borrowing of £2.704m to be financed by BDFL as set out in paragraph 3.14

c)         Delegated authority to the Executive Director for Economy Environment & Culture and Executive Director Finance & Resources to increase the budget and implement the option of further borrowing capped at a level which is affordable for BDFL to finance (as set out in paragraphs 3.15, 3.16 and 7.2) should the tender cost estimates be higher than anticipated,

2)    That Policy, Resources & Growth Committee notes the financial implications in section 7 and agrees that the Executive Director for Economy Environment & Culture and Executive Director Finance & Resources may implement the option of further borrowing to mitigate financial risks set out in paragraphs 7.3 and 7.5.