Issue - decisions

M5 Junction 10 Improvements Scheme – Funding Update

27/03/2024 - M5 Junction 10 Improvements Scheme – Funding Update

Cllr Mark Hawthorne on behalf of Cllr David Gray kept Cabinet updated on the M5 Junction 10 Improvements Scheme Funding requirement and set out funding proposals in relation to delivery of the M5 Junction 10 Improvements Scheme, including how the council intended to secure contributions from development sites benefitting from the scheme.

 

Having considered all the information, Cabinet noted the report and

 

RESOLVED to:

 

1. Acknowledge that revisions will be required in the future to the Highways Capital budget in relation to the scheme up to a value of £334.270 million, on the basis of £249.131 million secured HIF funding, £4 million secured GCC funding and notes the remaining gap of £81.139 million, in funding for the M5 J10 improvement scheme and confirms its intention to seek to raise those funds through section 106 contributions from developers.

2. Approve the principle of requesting Section 106 contributions toward the M5 Junction 10 Improvements Scheme from development sites benefiting from the scheme, with such contributions being sought under policy INF7 of the Joint Core Strategy (Appendix 1 - JCS AdoptionVersion November 2017.pdf (gloucester.gov.uk)) and/or any subsequent policy replacement.

3. Delegate authority to the Executive Director of Economy Environment & Infrastructure in consultation with the Cabinet Member for Environment and Planning and the Chief Finance Officer to negotiate and determine GCC’s position with regard to the scope, mechanism and levels of contribution being south from each development site under policy INF7 of the Joint Core Strategy and/or any subsequent policy replacement.