Decision details

1.      The outcome of the Expression of Interest is noted

2.      The Director of Housing is authorised to commence a procurement exercise for external advisors to assist the Council over the coming period through to the award of contracts to deliver the PFI Scheme.

3.      It is noted that the original advisors (Public Private Partnership Programme (“4Ps”), EDAW, Grant Thornton, and Potter Raper) who supported the first bid have been retained to assist in revising the bid for Homes and Communities Agency (“HCA”) approval following the reduced funding received from Communities and Local Government (“CLG”).

4.      The costs of the additional work referred to in 2.3 above may not be contained within the existing budget allocation for 2009/10 and so authority has been given for an additional £100,000 to be transferred from the HRA Earmarked repairs Reserve to the PFI Earmarked Reserve in order to expedite this exercise.

5.      It is noted that a further update on the revised proposal will be given at a future meeting of Cabinet.