Decision Maker: Cabinet Member for Finance and Corporate Services
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Report to provide an update on the public realm scheme and to seek approval of loan from the GLA.
That the Cabinet Member for Finance and Corporate Services gave approval to enter into a loan agreement with the GLA for £2m guaranteed and repaid by the Council from its own resources for a three year period post completion of the development.
Reasons for Decision
1. The proposed highway modifications identified in this report will improve the streetscape for pedestrians and provide a safe environment for cyclists. They will deliver substantial improvement of the public realm and maintain Bond Street’s status as a global centre for luxury retail and the international art market.
2. The scheme has a £2m funding gap, if the Council does not agree to the GLA loan then the scheme will not be able to progress.
Publication date: 23/12/2016
Date of decision: 23/12/2016
Accompanying Documents: