Issue - meetings

Report of the Director of Streetscene and Regulatory Services

(Listing Officer: L Shannon, Tel: 024 7697 2007)

Further to Minute 92 above, the Cabinet considered a private report of the Director of Streetscene and Regulatory Services which sets out the commercially sensitive aspects of delivering the Materials Recycling Facility.

RESOLVED that the Cabinet recommends that Council:-

1)  Approves the addition of the sum as detailed in the report to the Councils approved capital programme to reflect an increase in the proposed loan facility from the City Council for the purposes of delivering the Materials Recycling Facility. 

2)  Delegates authority to the Director of Streetscene and Regulatory Services and the Director of Finance, in consultation with the Director of Law and Governance and the Cabinet Member for City Services and the Cabinet Member for Strategic Finance and Resources, to finalise and agree the detailed terms of the transaction with AssetCo. The authority under this delegation shall also include:  

·  the authority to enter into two payment guarantees on behalf of AssetCo with the Civils Contractor and the Process Contractor;

·  the authority to incorporate AssetCo and to enter into a shareholders' agreement with AssetCo and the other Partner Councils in respect of the governance arrangements of AssetCo;

·  the authority to enter into the Service Level Agreement with AssetCo committing the Councils' waste tonnage for 25 years; and the authority to enter into the Loan Agreement and ancillary security documents with AssetCo for a loan as detailed in the report over a repayment period of 25 years.