Issue - meetings

The Council was presented with a report which provided an update on the Victoria Square development, in particular the financial position of the project following extensive work establishing the likely final cost of the project.  The work had taken into account a range of activities the Council would normally have financed by the Council but due to the significant revenue impacts of Covid could not prudently do so.  The Council was requested to approve an overall Project Budget and Loan Facility of £700m, full details of which were outlined in the report.

The report included Project Mandates for the two elements of the increased project cost that were optional, namely Woking Town Centre Wayfinding (£1m) and Lockfield Drive/Victoria Way Pedestrian/Cycle Bridge (£6m).

The report was debated by the Council and Councillor Barker moved and Councillor Chrystie seconded the following amendment to address some of the concerns voiced (additional wording highlighted in italics):

(i)      a provision of £1m be included in the project cost for Woking Town Centre Wayfinding, with implementation being subject to formal approval of detailed proposals by the Executive;

(ii)      a provision of £6m be included in the project cost for Lockfield Drive/Victoria Arch Pedestrian/Cycle Bridge, with implementation being subject to:

(a)     seeking at least partial grant funding to reduce Victoria Square Woking Limited’s contribution;

(b)     confirming the route proposed is the optimum solution;

(c)     formal approval of detailed proposals by the Executive;

(iii)     the Victoria Square Project Budget and Loan Facility be increased to £700m; and

(iv)    in order to achieve a final outcome as far below £700m as possible, Officers come back to the Victoria Square Oversight Panel and subsequently to Council with details of efficiency savings that can be made without compromising the quality of the final product.

The amendment was welcomed by Councillor Bittleston, Portfolio Holder and was discussed by the Councillors, with a number welcoming the additional recommendations.  Councillor Bittleston responded to the points raised, confirming that neither the timeframe for the development nor the risks had not increased, before the Mayor confirmed the recommendations before the Council.

          RESOLVED

That  (i)    a provision of £1m be included in the project cost for Woking Town Centre Wayfinding, with implementation being subject to formal approval of detailed proposals by the Executive;

          (ii)   a provision of £6m be included in the project cost for Lockfield Drive/Victoria Arch Pedestrian/Cycle Bridge, with implementation being subject to:

(a)     seeking at least partial grant funding to reduce Victoria Square Woking Limited’s contribution;

(b)     confirming the route proposed is the optimum solution;

(c)     formal approval of detailed proposals by the Executive;

          (iii)  the Victoria Square Project Budget and Loan Facility be increased to £700m; and

          (iv)  in order to achieve a final outcome as far below £700m as possible, Officers come back to the Victoria Square Oversight Panel and subsequently to Council with details of efficiency savings that can be made without compromising the quality of the final product.