Issue - meetings

The Mersey Gateway Executive Board considered the attached report.

RECOMMENDED: That the Capital Programme be amended as outlined within the report.

The Mersey Gateway Executive Board had considered a report of the Strategic Director – Environment which provided an update of the information reported to the Mersey Gateway Executive Board on 15^th November 2007 in relation to funding required to support the acquisition of land, including the interests of tenants and freeholders prior to receiving Government Grant.

It was advised that there was a funding gap and options to manage this for land acquisition had been assessed in some detail.

In relation to where funds would come from to cover the costs, a number of avenues were being explored. It was reported that a number of factors depended on the date and outcome of the planning inquiry which was to be announced in the near future.

The Council was advised that it was a good time to invest in land and borrowing money in terms of interest rates etc.

RESOLVED: That the Capital Programme be amended as outlined in the report.

            The Board considered a report of the Strategic Director – Environment which provided an update of the information reported to the Mersey Gateway Executive Board on 15 November 2007 in relation to funding required to support the acquisition of land, including the interests of tenants and freeholders prior to receiving Government grant.

            It was proposed that the land acquisition budget was reviewed annually at this time of year so that any changes could be considered as part of the Council’s budget deliberations.

            It was advised that there was a funding gap and options to manage this for land acquisition had been assessed in some detail. Seven options for meeting the short term funding gap had been identified and evaluated and were detailed in the report for Members consideration.

            The Board was advised that the most favourable option for the Council would be the acceleration of the RFA grant as it would minimise the gap in funding land assembly, therefore avoiding any significant external finance. However due to the constraints on the funding provided by DfT and by the North West Region this option may prove to be undeliverable.

            Members raised concerns in relation to RFA getting into financial difficulties during this economic climate.  In response it was noted that as Mersey Gateway has Programme Entry the RFA funding is secure at present.  Schemes without Programme Entry were more at risk in the event of a wholesale review of RFA.

            RESOLVED: That

1)     The revised budget for Advanced Land Acquisition and Negotiations be approved;

2)     The Council amend the Capital Programme accordingly; and

3)     The potential call on the Council Priorities Fund be noted.

COMMENTS FROM COUNCILLORS FINDON AND REDHEAD

Councillors Findon and Redhead took the opportunity at the invitation of the chair to reaffirm their complete support for the Mersey Gateway bridge project.