Decision details

To formalise the actual funding amount and funding profiling agreement in regard to the Council’s £12.8m contribution towards the project. The Cabinet decision is also required to formally allocate £12.8m to the Capital Investment Programme (CIP) and Capital Pipeline.

This follows a Cabinet Member delegated decision taken on 7 April 2015, whereby the Council’s financial contribution of £12.8m towards the project was agreed in principle.

(1)  To agree that the council in principle supports the concept design proposals that TfL has completed consultation upon and that the council continues to work in partnership with TfL in evolving the detailed design stage.

(2)  To agree that the council contributes a maximum of £12.8m (£12.3m to TfL at 2017/18 prices and maximum £500,000 for the Investment and Growth delivery team), towards delivering the package of transport improvements the Vauxhall area.

(3)  To agree that £2,311,066.94 of that £12.8m comes from s106 transport related covenants and is allocated to the Capital Investment Programme (CIP) and Capital Pipeline.

(4)  To agree that £494,785.59 of that £12.8m comes from s106 DIFS related covenant and is allocated to Investment and Growth delivery team cost centre D14539.

(5)  To delegate authority to the Strategic Director of Neighbourhoods and Growth, in consultation with the Cabinet Member for Planning, Regeneration and Jobs, to negotiate with TfL on the detail of a Funding Agreement and staged payments of the £12.3m.

(6)  To delegate authority to the Strategic Director of Neighbourhoods and Growth, in consultation with the Cabinet Member for Planning, Regeneration and Jobs, to ensure that the conditions referred to in recommendations (2) and (4) are discharged satisfactorily and that the appropriate legal agreements are in put in place to safeguard the council’s position and financial commitment.