Issue - meetings

Councillor Kavia submits a report updating the Cabinet on progress with the establishment of the Leicester Regeneration Company. The Cabinet is asked to; approve that the full £250,000 be made available in this financial year; agree that any underspends in this budget be carried over from year to year and made available to the company, including into a possible fourth year, subject to the City Council’s contribution in each year not exceeding that of the other funding partners; note the arrangements for servicing the City Council’s input into the Company; agree that the Principal Assistant Director (City Development), be named as client officer; approve the contributions for the year 2001/2 be made in kind and that the funding mechanism for further years be determined at a later date; approve the procurement of consultants to produce a Masterplan and authorise the Head of Legal Services to enter into the necessary agreements.

Councillor Kavia submitted a report updating members on progress with the establishment of the Leicester Regeneration Company.

Members of the Cabinet noted that the funding proposed, up to a maximum of £750, 000, had been allocated over 3 years, but flexibility had been incorporated to allow underspends from the £250,000 allocated per year to be carried over and possibly into a fourth year.

RESOLVED:

(1)that the full amount of £250,000 be made available to the Company in this financial year:

(2)that underspends in this budget be carried over from year to year, and made available to the company, including into a possible 4^th year, subject to the City council’s contribution in each year not exceeding that of the other funding partners;

(3)that the arrangements for servicing the City Council’s input into the Company be noted;

(4)that Alistair Reid, Principal Assistant Director (City Development), Environment and Development, be named as client officer;

(5)that for the year 2001/2 the contributions be made in kind and that the funding mechanism for further years be determined at a later date; and

(6)that the procurement of consultants, to produce a Masterplan which will facilitate the activities of the Company be approved and the Head of Legal Services be authorised to enter into the necessary agreements for the resulting appointment.