Agenda item

A report by the Director of Finance and Resources.

RESOLVED that the Executive:-

(a)  notes the progress made in relation to the technical assessment and design of the IFA2 project, and the conclusions of the independent technical assessments undertaken;

(b)  agrees in principle that the necessary technical assurance has been obtained to enable National Grid to proceed to the next stage of construction, provided that extended arrangements are put in place to provide ongoing safeguards to the Council during and following the construction stage;

(c)  confirms that the Option can be exercised by National Grid, once legally binding amendments to the legal documentation are in place and the construction lease granted, to enable IFA2 to proceed to the construction stage in accordance with the target programme; and

(d)  delegates authority to the Director of Finance and Resources, following consultation with the Executive Leader, to conclude the revisions to the legal documentation.