Decision details

Street Lighting PFI Contract Refinancing

Decision Maker: Deputy Chief Executive and Executive Director for Resources, Executive Director Environment, Infrastructure and Growth

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

Cabinet approved the decision to progress refinancing of the street lighting PFI contract resulting in an upfront financial gain and an ongoing reduction in the Council’s Annual Unitary Charge for the contract.  As final work on modelling was being completed the decision was delegated to the Executive Directors for Environment, Transport and Infrastructure and; Resources in conjunction with the Cabinet Members for Transport and Resources.

 

The final value of the gain was within the agreed 10% threshold of the amounts stated in the Part 2 report and so the refinancing will be completed.

 

Decision:

Decision made:

 

It was AGREED that:

 

  1. The refinancing proceed on the terms finalised
  2. The Council enters into and executes a Deed of Variation tothe Project Agreement and an Authority Direct Agreement

 

Reasons for the decision:

The upfront gain and annual reduction to the Unitary Charge is within 10% of the amounts stated in the Part 2 report.

 

Alternative options considered:

N/A

Interests and Nature of Interests Declared:

None.

Publication date: 01/12/2020

Date of decision: 24/11/2020

Accompanying Documents: