Decision Maker: Director of Finance
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Decision:
Following the review of the Strategic Outline Case at an
extraordinary Capital Growth Board on the 18 March 2025, the budget
for the Strand Development project is to be increased by
£1.708m to cover the costs to date and the next phase of
development.
The
additional budget will be underwritten from general capital
reserves in the short term with expectations to recover these funds
from the completed development.
Reasons for the decision:
The
project was reviewed and deemed to be strategically advantageous
and satisfactorily compliant in terms of the feasibility and levels
of risk to enable the project to progress.
Alternative options considered:
Approval of this decision enables the projects to progress
within a controlled process.
The
alternative would be to abort the project which would leave a
critical asset vacant in a key area of Torquay and accumulate costs
in terms of unsupported business rates.
Implementation:
This
decision will be implemented immediately
Information:
Update
to the Capital Investment Plan to increase the budget for The
Strand development project by £753,000 for the next
development phase, following the review of an acceptable business
case at an extraordinary Capital & Growth Board held on 18
March 2025.
Interests and Nature of Interests Declared:
Publication date: 03/04/2025
Date of decision: 02/04/2025
