Decision details

RESOLVED:

That District Executive recommend that Chief Executive agrees to:-

a.

an increase of the Yeovil Refresh net budget of £2,604,168.

b.

an increase in long term borrowing of £2,604,168 to fund the project.

c.

an increase to the gross budget by £367k from the current approved budget (see Appendix A for more detail)

That District Executive recommends that the Chief Executive agrees to ask Council to note:

a.

that a future Council meeting will consider the Business Case for establishing a cooperative working space at Yeovil.

b.

that in the worst case scenario the Council may need to increase its long term borrowing to £4,529,168m in total (ref. Para 26)

Reason:

To outline the current position relating to delivery of the Yeovil Refresh and the additional funding to be unlocked if SSDC wish to fully benefit from the successful Future High Streets Fund (FHSF) bid.