Decision Maker: Cabinet
Decision status: Decision made
Is Key decision?: Yes
Is subject to call in?: Yes
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.
Publication date: 20/07/2004
Date of decision: 20/07/2004
Decided at meeting: 20/07/2004 - Cabinet
Effective from: 30/07/2004
Accompanying Documents: