Decision details

The reaching of financial close and the establishment of Medway LIFT Co requires signatories of the Strategic Partnering Agreement to approve the Medway LIFT Business Case.

The Cabinet agreed the Medway LIFT (Local Improvement Finance Trust) Business Case.

The Cabinet agreed to authorise the Assistant Director (Legal & Contract Services) in consultation with the Director of Health and Community Services and the Portfolio Holder for Health and Community Services to agree revisions to the standard LIFT documents and to agree any ancillary documents.

The Cabinet agreed that the people identified in paragraph 5.3 of the report be identified as authorised signatories on closure of the LIFT Project and that the certificate required by the Strategic Partnering Agreement (SPA) identify them as such.

The Cabinet agreed the summary of decisions set out in the Appendix to the report and that the minutes of this meeting be incorporated in the summary.

The Cabinet agreed that the Assistant Director (Legal & Contract Services) be authorised to produce a certified copy of the minutes approving the Council's execution delivery and performance of the SPA and to execute and deliver such documents and any other documents to be delivered pursuant to the SPA.

The business case comprehensively makes the case for establishing Medway LIFT and demonstrates that Ryhurst has been able to effectively work with public sector agencies to resolve a number of difficult matters that have enabled the PCT to reach financial close on the three sites that were used to select the private sector partner. Through approving the 'standard wording' that confirms the Council as a key stakeholder the Council will demonstrate the public sector is committed to using the standard documentation that is seen to be critical to reducing the time required and the complexity of negotiating new public/private partnership arrangements.